24 Nov 2015
WTI off highs, back near $43.00
FXStreet (Edinburgh) - Crude oil prices are sharply higher during the first half of the week, currently hovering over the $43.00 handle per barrel.
WTI firmer on geopolitical risks, USD
The barrel of West Texas Intermediate has found extra support in today’s softer tone around the US dollar as market participants continue to cash up part of the recent strong advance.
Collaborating with the upside, crude oil prices are deriving further strength from the re-emergence of geopolitical jitters after a Russian jet fighter was shot down by Turkish jets in early morning.
WTI levels to watch
At the moment the barrel of WTI is up 2.66 % at $42.88 and a surpass of $44.32 (50.0% Fibo of $37.75-$50.90) would expose $45.25 (100-day sma) and finally $46.12 (downtrend from $50.92). On the other hand, the initial support lines up at $40.85 (23.6% Fibo of $37.75-$50.90) ahead of $38.99 (low Nov.23) and then $37.75 (2015 low Aug.24).
WTI firmer on geopolitical risks, USD
The barrel of West Texas Intermediate has found extra support in today’s softer tone around the US dollar as market participants continue to cash up part of the recent strong advance.
Collaborating with the upside, crude oil prices are deriving further strength from the re-emergence of geopolitical jitters after a Russian jet fighter was shot down by Turkish jets in early morning.
WTI levels to watch
At the moment the barrel of WTI is up 2.66 % at $42.88 and a surpass of $44.32 (50.0% Fibo of $37.75-$50.90) would expose $45.25 (100-day sma) and finally $46.12 (downtrend from $50.92). On the other hand, the initial support lines up at $40.85 (23.6% Fibo of $37.75-$50.90) ahead of $38.99 (low Nov.23) and then $37.75 (2015 low Aug.24).