WTI rallies near $45.00

FXStreet (Edinburgh) – Crude oil prices remains on the rise at the beginning of the week, with the barrel of WTI advancing to the vicinity of the $45.00 handle.

WTI stronger as dollar slumps

A continuation of the selling mood around the dollar is bolstering today’s advance in crude oil prices, which has managed to come back from fresh ytd lows in the $43.30 area posted in early trade.

However, the broader scenario remains unchanged: concerns on the global supply glut in combination with poor results in the Chinese economy as of late are set to cap gains in crude oil, in spite of today’s respite via a lower USD.

WTI levels to watch

At the moment WTI is up 2.17% at $44.82 and a break above $46.94 (high Aug.3) would aim for $48.62 (high Jul.31) and finally $49.52 (high Jul.29). ON the downside, the immediate support lines up at $43.35 (2015 low Aug.10) followed by $33.55 (monthly low Jan.2009).

Crude oil prices remains on the rise at the beginning of the week, with the barrel of WTI advancing to the vicinity of the $45.00 handle…

(Market News Provided by FXstreet)