FXStreet (Edinburgh) – The barrel of the West Texas Intermediate is navigating session lows in sub- $48.00 levels.
WTI keeps multi-month troughs
Crude oil prices are retreating for the sixth consecutive week so far, correcting lower from May/June peaks above the $61.00 mark. Increasing concerns over the global supply glut continue to linger, while the renewed buying interest in the US dollar, uncertainties around the Chinese demand for ooil and the prospects of the Fed hiking rates at some point later in the year keep collaborating with the downbeat sentiment.
Data wise this week, crude oil inventories has increased by nearly 2.5 million barrels according to the EIA’s weekly report, while driller Baker Hughes has informed that US oil rigs in use have ticked higher by 21 to 659.
WTI levels to watch
At the moment WTI is down 1.34% at $47.80 and a break below $47.05 (low Apr.1) would aim for $45.33 (low Mar.23) and finally 444.03 (low Mar.18). On the other hand, the immediate up barrier lies at $52.54 (high Jul.16) followed by $53.94 (high Jul.15) and then $54.35 (high Jul.10).
(Market News Provided by FXstreet)