FXStreet (Edinburgh) – The barrel of the West Texas Intermediate has bounced off the Payrolls-induced pullback to the 45.80 area and has now regained the $46.00 handle and beyond.
WTI lower post-NFP
The greenback remains firm and keeps weighing on crude oil prices, as market expectations of a Fed’s rate hike this month continue to build up, specially following the solid print from the US labour market during August.
Despite today’s correction lower, prices for the WTI remains on track to close the second week with gains, after bottoming out in +6-year lows last week.
WTI levels to watch
At the moment WTI is down 1.20% at $46.19 facing the immediate support at $43.21 (low Sep.2) ahead of $41.78 (low Aug.28) and finally $38.95 (low Aug.27). On the flip side, a break above $48.85 (high Sep.1) would aim for $49.03 (high Jul.31) and then $49.91 (high Jul.29).
(Market News Provided by FXstreet)