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11 Mar 2015
WTI wobbling around $48.30
FXStreet (Edinburgh) - The barrel of the American benchmark for the light crude oil is trading almost unchanged on Wednesday, currently hovering over $48.30.
WTI remains in sub-$50.00 levels
The barrel of WTI is extending the rebound from multi-week lows in the $47.35/30 band, posting marginal gains and looking to somehow trim part of yesterday’s deep pullback against the backdrop of increasing risk aversion and USD demand.
In the data front, the EIA reported that crude oil inventories increased by 4.512 million/barrels in the week ended on March 6th vs. forecasts for a 4.5 million/barrels gain.
WTI key levels
The barrel of WTI is now retreating 0.14% at $48.22 and a drop below $47.35 (low Mar.11) would aim $45.07 (low Jan.30) and finally $44.37 (low Jan.29). On the upside, the initial resistance lines up at $50.36 (high Mar.10) followed by $50.79 (high Mar.9) and then $52.40 (high Mar.5).
WTI remains in sub-$50.00 levels
The barrel of WTI is extending the rebound from multi-week lows in the $47.35/30 band, posting marginal gains and looking to somehow trim part of yesterday’s deep pullback against the backdrop of increasing risk aversion and USD demand.
In the data front, the EIA reported that crude oil inventories increased by 4.512 million/barrels in the week ended on March 6th vs. forecasts for a 4.5 million/barrels gain.
WTI key levels
The barrel of WTI is now retreating 0.14% at $48.22 and a drop below $47.35 (low Mar.11) would aim $45.07 (low Jan.30) and finally $44.37 (low Jan.29). On the upside, the initial resistance lines up at $50.36 (high Mar.10) followed by $50.79 (high Mar.9) and then $52.40 (high Mar.5).