FXStreet (Edinburgh) – The barrel of West Texas Intermediate is extending its weekly decline on Friday, testing session lows in the $47.25/20 band.
WTI worried about supply glut, dollar
Crude oil prices could not benefit from the softer tone in the US dollar on Friday, more concerned instead on the current global supply glut and jitters surrounding the Chinese economy and the commodities universe.
Data wise this week, the EIA has reported a decrease of 4.2 million barrels in the week ended on July 24th, while driller Baker Hughes has informed that US oil rigs in use have increased by 5 to 664 during the same period.
WTI levels to watch
At the moment WTI is losing 2.64% at $47.24 with the next support at $47.05 (low Apr.1) ahead of $45.33 (low Mar.23) and finally 444.03 (low Mar.18). On the flip side, a break above $52.54 (high Jul.16) would aim for $53.94 (high Jul.15) and then $54.35 (high Jul.10).
(Market News Provided by FXstreet)