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2 Apr 2015
WTI flirting with lows near $48.60
FXStreet (Edinburgh) - The barrel of the American benchmark for the light crude oil is testing session lows in the area of $48.65/60.
WTI weaker on Iran deal
Crude oil prices are eroding Wednesday’s advance beyond the critical $50.00 barrier following news from the Iran nuclear talks, reporting that an agreement could be imminent. Prices accelerated the correction lower following concerns that the current global oil glut could get even worse in case Iran’s sanctions are removed.
Further data showed that US oil rigs in use decreased by 11 to 802 in the last week, according to driller Baker Hughes.
WTI key levels
The barrel of WTI is now losing 2.58% at $48.80 with the immediate support at 47.05 (low Apr.1) ahead of 47.01 (low Mar.25) and then $46.67 (low Mar.24). On the upside, a breakout of $51.35 (high Mar.27) would expose $52.02 (high Mar.10) and finally $53.04 (high Mar.6).
WTI weaker on Iran deal
Crude oil prices are eroding Wednesday’s advance beyond the critical $50.00 barrier following news from the Iran nuclear talks, reporting that an agreement could be imminent. Prices accelerated the correction lower following concerns that the current global oil glut could get even worse in case Iran’s sanctions are removed.
Further data showed that US oil rigs in use decreased by 11 to 802 in the last week, according to driller Baker Hughes.
WTI key levels
The barrel of WTI is now losing 2.58% at $48.80 with the immediate support at 47.05 (low Apr.1) ahead of 47.01 (low Mar.25) and then $46.67 (low Mar.24). On the upside, a breakout of $51.35 (high Mar.27) would expose $52.02 (high Mar.10) and finally $53.04 (high Mar.6).