FXStreet (Edinburgh) – Prices for crude oil are closing the week with gains following two consecutive weekly closes in the red territory, with prices hovering over the $46.00 mark so far.
WTI gains capped around $47.00
Concerns over the ongoing supply glut plus the persistent increase in crude oil inventories continue to be the main drag for the black gold so far.
However, the softer tone around the dollar and positive prospects on the demand for crude following US GDP figures have been lending support to prices somehow, allowing a rebound from recent lows in the mid-$42.00s.
WTI levels to watch
At the moment the barrel of West Texas Intermediate is losing 0.07% at $46.03 and a break below $41.78 (low Aug.28) would expose $40.85 (23.6% Fibo of $37.75-$50.92) and finally $37.75 (2015 low Aug.24). On the other hand, the next hurdle aligns at $47.35 (100-day sma) followed by $47.80 (76.4% Fibo of $37.75-$50.9) and finally $49.33 (high Aug.31).
(Market News Provided by FXstreet)