FXStreet (Edinburgh) – The selling pressure around crude oil prices is now intensifying, taking the WTI to the vicinity of $44.00 per barrel.
WTI lower ahead of Payrolls
Prices for the West Texas Intermediate are grinding lower today, as concerns over the global supply glut continue to hurt sentiment. In addition, US output remains on the rise, along with the production of other oil-producers around the globe, collaborating with the downward pressure on prices and capping occasional gains.
Data wise, the recent drop of crude oil inventories reported by the EIA was largely ignored by traders, as a simultaneous increase in gasoline stockpiles has offset the optimism of the results.
WTI levels to watch
At the moment WTI is down 1.95% at $44.27 with the next support at $44.03 (2015 low Mar.18) followed by $43.83 (monthly low Feb.2009) and then $33.55 (monthly low Jan.2009). On the flip side, a break above $46.94 (high Aug.3) would aim for $48.62 (high Jul.31) and finally $49.52 (high Jul.29).
(Market News Provided by FXstreet)