Crude oil prices are extending their weekly correction lower today, with the barrel of West Texas Intermediate testing the critical support at the $38.00 mark per barrel.
WTI eyes on API, Yellen
Prices for the black gold remains on the negative note during the first half of the week despite the current selling mood around the US dollar.
In fact, expectations of a continuation of the rally since January’s multi-year lows have been weighing on sentiment as of late, combined as well with increasing uncertainty over the possibility of a freeze in the oil production.
Next on tap for oil will be the speech by Chairwoman Yellen and the API’s weekly report on crude stockpiles.
WTI levels to consider
At the moment the barrel of WTI is losing 3.33 % at $38.08 facing the immediate support at $35.96 (low Mar.15) ahead of $35.38 (20-day sma) and then $33.40 (55-day sma). On the other hand, a breakout of $40.12 (high Mar.28) would open the door to $41.17 (200-day sma) and finally 41.90 (2016 high Mar.22).
(Market News Provided by FXstreet)
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