FXStreet (Edinburgh) – Crude oil prices remain on the defensive at the end of the week, currently hovering over the $42.00 mark per barrel.
WTI lower on USD rally
The strong bid tone around the dollar keeps the demand for USD-denominated assets subdued today, relegating crude oil prices to test 3-day lows in the boundaries of the $42.00 mark.
In the meantime, market participants keep their concerns intact on the global supply glut ahead of the OPEC meeting on December 4th, although expectations of a change in the cartel’s stance remain flat.
Next on tap regarding crude oil prices will be the US oil rig count measured by driller Baker Hughes.
WTI levels to watch
At the moment the barrel of WTI is losing 2.53% at $41.95 with the initial support at $40.85 (23.6% Fibo of $37.75-$50.90) ahead of $38.99 (low Nov.23) and then $37.75 (2015 low Aug.24). On the other hand, a breakout of $44.32 (50.0% Fibo of $37.75-$50.90) would expose $44.86 (55-day sma) and finally $45.68 (downtrend from $50.92).
(Market News Provided by FXstreet)