FXStreet (Edinburgh) – The barrel of West Texas Intermediate is testing session lows in the vicinity of the $45.00 handle on Wednesday.
WTI in multi-month lows
Crude oil prices have dropped to sub-$45.00 levels for the first time since march, as concerns over the global supply glut continue to be the exclusive driver behind the entrenched bearish sentiment surrounding crude oil.
In the data space, the EIA has reported another decrease in crude oil inventories during the week ended on July 31, this time by 4.4 million barrels. In spite of the drop, crude oil prices remained unable to gather any traction as the EIA has also informed of an increase in gasoline stocks, neutralizing any subsequent upside attempt in prices.
WTI levels to watch
At the moment WTI is down 1.66 % at $44.98 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)