Crude recovers from session lows

FXStreet (Córdoba) – Crude oil prices fell Tuesday, with WTI crude oil futures posting a daily low of $45.36 a barrel before recovering back higher, almost erasing all of its intraday losses, on a report that a major pipeline has closed some its line. The early decline was attributed to rising concerns of the ongoing global slowdown affecting further an already reduced demand.

WTI technical perspective

“Having traded within Monday’s range, the daily chart shows that the price briefly extended below its 20 SMA before recovering, while the technical indicators stand pretty much flat above their mid-lines, lacking directional strength”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the technical indicators are on contrary aiming higher, also around their mid-lines, whilst the price is a few cents above a still bearish 20 SMA, all of which suggest range-trading will continue over the upcoming sessions, until the release of the latest US stockpiles report, which may set a clearer directional tone”.

Support levels: 45.80 45.30 44.60. Resistance levels: 46.90 47.30 48.10.

Crude oil prices fell Tuesday, with WTI crude oil futures posting a daily low of $45.36 a barrel before recovering back higher, almost erasing all of its intraday losses, on a report that a major pipeline has closed some its line. The early decline was attributed to rising concerns of the ongoing global slowdown affecting further an already reduced demand.

(Market News Provided by FXstreet)