FXStreet (Edinburgh) – Crude oil prices are rallying on Thursday boosted by Chinese data and a weaker greenback, currently advancing beyond the $46.00 mark per barrel.
WTI solid on China, USD
Positive readings from September’s manufacturing PMI in the Chinese economy have boosted the commodity block along with the risk appetite trends, allaying (at least for some time) fears of a ‘hard landing’ in the Asian giant.
Fanning the upbeat tone around crude oil, the critical ISM Manufacturing in the US economy has missed market expectations during the last month, hurting the greenback and lifting further the sentiment.
WTI levels to consider
At the moment the barrel of WTI is advancing 3.15% at $46.50 with the next resistance at $47.10 (high Oct.1) ahead of $47.15 (high Sep.23). On the flip side, a break below $44.30 (low Sep.28) would aim for $43.71 (low Sep.24) and then $43.36 (low Sep.10).
(Market News Provided by FXstreet)