3 Aug 2015
WTI slumps to lows near $45.00
FXStreet (Edinburgh) - The barrel of West Texas Intermediate is trading in fresh multi-month lows around the $45.00 handle so far.
WTI weaker on Iran, China
Prices for WTI crude oil retreated to levels last seen in March around the $45.00 mark as concerns over the potential slowdown in the Chinese economy keep weighing on sentiment, mainly after the dip to 2-year low in the Caixin Manufacturing PMI released over the weekend.
Fanning the flames, Iranian Oil Minister Bijan Namdar Zanganeh has argued that the country could pump around 1 million barrels per day within a week after current sanctions are lifted (probably by late November). All in all, downside pressure in crude oil prices seems far from over, with 2015 lows around $44.00 emerging as the next key support level.
WTI levels to watch
At the moment WTI is losing 3.78 % at $45.34 with the next support at $44.03 (2015 low Mar.18) ahead of $39.44 (monthly low Mar.2009). On the flip side, a break above $52.54 (high Jul.16) would aim for $53.94 (high Jul.15) and then $54.35 (high Jul.10).
WTI weaker on Iran, China
Prices for WTI crude oil retreated to levels last seen in March around the $45.00 mark as concerns over the potential slowdown in the Chinese economy keep weighing on sentiment, mainly after the dip to 2-year low in the Caixin Manufacturing PMI released over the weekend.
Fanning the flames, Iranian Oil Minister Bijan Namdar Zanganeh has argued that the country could pump around 1 million barrels per day within a week after current sanctions are lifted (probably by late November). All in all, downside pressure in crude oil prices seems far from over, with 2015 lows around $44.00 emerging as the next key support level.
WTI levels to watch
At the moment WTI is losing 3.78 % at $45.34 with the next support at $44.03 (2015 low Mar.18) ahead of $39.44 (monthly low Mar.2009). On the flip side, a break above $52.54 (high Jul.16) would aim for $53.94 (high Jul.15) and then $54.35 (high Jul.10).