WTI Weaker Ahead of EIA, Near $41.50

WTI Weaker Ahead of EIA, Near $41.50

20 April 2016, 15:33
Roberto Jacobs

WTI Weaker Ahead of EIA, Near $41.50

Crude oil prices are retreating from session tops above the $42.00 mark on Wednesday, currently testing the mid-$41.00s ahead of the EIA report.

WTI lower on Kuwait

Prices for the barrel of West Texas Intermediate have come down following fresh 2016 highs just above the $43.00 handle on Tuesday after oil workers in Kuwait have ended a 3-day strike, alleviating recent upside pressure.

Next on tap will be the weekly report on crude oil inventories by the EIA, expected to have increased by nearly 2.5 million barrels during last week.

WTI levels to consider

At the moment the barrel of WTI is down 1.95% at 41.64 and a breakout of $42.88 (2016 high Apr.19) would expose $43.46 (high Nov.24 2015) and finally $48.36 (high Nov.3 2015). On the other hand, the next support lines up at $39.02 (low post-Doha Apr.18) ahead of $38.56 (76.4% Fibo of $26.05-$42.41) and then $35.24 (low Apr.5).

(Market News Provided by FXstreet)

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