Crude oil prices have managed to retake the $30.00 mark at the beginning of the week, bouncing off session lows near $29.60.
WTI lower on risk-aversion
The barrel of the West Texas Intermediate is retreating for the third session in a row today, extending the leg lower after the rejection from the $34.00 area posted last week.
Increasing risk aversion and a continuation of the USD upside momentum have been weighing on USD-denominated assets throughout the session, along with a softer tone in equities and commodities in general.
WTI levels to consider
At the moment the barrel of WTI is down 1.52% at $30.46 facing the next support at $29.25 (low Jan.26) followed by $27.87 (low Jan.21) and then $26.19 (low Jan.20). On the other hand, a surpass of $34.82 (high Jan.28) would expose $38.29 (downtrend from $50.92) and finally $39.37 (100-day sma).
(Market News Provided by FXstreet)