FXStreet (Edinburgh) – Crude oil prices are extending its negative downbeat at the beginning of the week, currently hovering over the low-$44.00s per barrel.
WTI challenging multi-week lows
Prices for the West Texas Intermediate have renewed its downside pressure on Monday, following increasing fears over storage capacity hitting their maximum levels along with a persistent stagnant demand.
In addition, the crude oil supply glut remains one of the main concerns still lingering over markets and keeping the demand subdued and occasional gains capped.
WTI levels to watch
At the moment the barrel of West Texas Intermediate is losing 0.94% at $44.17 facing the next support at $43.37 (23.6% Fibo of $62.58-$37.75) ahead of $43.21 (low Sep.2) and then $37.75 (2015 low Aug.24). On the upside, a break above $45.04 (55-day sma) would pave the way to $47.24 (38.2% Fibo of $62.58-$37.75) and finally $47.93 (100-day sma).
(Market News Provided by FXstreet)