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3 Mar 2015
WTI challenges highs near $50.50
FXStreet (Edinburgh) - The barrel of West Texas Intermediate is looking to consolidate the recent break above the critical $50.00 mark on Tuesday.
WTI propped up by dollar, Brent
The barrel of WTI has seen its demand supported following a softer tone in the US dollar. In the same direction, WTI is also deriving strength from the rally in the barrel of Brent, following rising geopolitical concerns after recent attacks to oil fields in Libya.
Ahead in the week, EIA’s key weekly report on oil inventories is due tomorrow, with consensus expecting an increase of 4.0 million/barrels, sensibly lower than the 8.4 million/barrel gain from the last week.
WTI key levels
The barrel of WTI is now advancing 1.59% at $50.38 with the initial hurdle at 51.22 (high Feb.25) ahead of $52.72 (high Feb.19) and then $54.32 (high Feb.17). On the downside, a breakdown of $48.20 (low Feb.5) would expose $47.46 (low Feb.2) and finally $45.07 (low Jan.30).
WTI propped up by dollar, Brent
The barrel of WTI has seen its demand supported following a softer tone in the US dollar. In the same direction, WTI is also deriving strength from the rally in the barrel of Brent, following rising geopolitical concerns after recent attacks to oil fields in Libya.
Ahead in the week, EIA’s key weekly report on oil inventories is due tomorrow, with consensus expecting an increase of 4.0 million/barrels, sensibly lower than the 8.4 million/barrel gain from the last week.
WTI key levels
The barrel of WTI is now advancing 1.59% at $50.38 with the initial hurdle at 51.22 (high Feb.25) ahead of $52.72 (high Feb.19) and then $54.32 (high Feb.17). On the downside, a breakdown of $48.20 (low Feb.5) would expose $47.46 (low Feb.2) and finally $45.07 (low Jan.30).