FXStreet (Edinburgh) – Prices for the barrel of West Texas Intermediate are extending its weekly upside on Thursday, currently trading in the $46.20/30 band.
WTI firmer on USD-selling
After bottoming out in the $45.20 region overnight, prices for the black gold sparked a strong recovery although the bullish attempt has run out of legs in the $46.60 area so far.
The renewed selling mood around the dollar after recording recent highs is helping traders to lift WTI higher. However, gains could well be limited following the recent hawkish tone by the FOMC and the now increasing possibility of a Fed’s lift-off in December.
WTI levels to watch
At the moment the barrel of West Texas Intermediate is advancing 0.44% at $46.14 with the next hurdle at $47.48 (100-day sma) followed by $47.80 (76.4% Fibo of $37.75-$50.9) and finally $49.33 (high Aug.31). On the other hand, 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).
(Market News Provided by FXstreet)