Wednesday, September 30, 2015

WTI firmer, advances beyond $45.00

FXStreet (Edinburgh) - Crude oil prices are recovering on Tuesday, with the barrel of West Texas Intermediate managing to surpass the $45.00 mark per barrel.

WTI rebound from $44.30

Prices for the WTI keep meandering the broader $44.00-$48.00 range amidst the omnipresent concerns over the global supply glut. However, crude oil prices are deriving some support today on hopes that the US output could extend its recent downtrend.

Ahead in the week, market participants will remain vigilant on the weekly report on crude stockpiles by the EIA (Wednesday) and the US oil rig count by driller Baker Hughes.

WTI levels to consider

At the moment the barrel of WTI is advancing 1.73% at $45.20 facing the next up barrier at $45.50 (high Sep.28) followed by $46.38 (high Sep.25) and finally $46.54 (high Sep.23). On the flip side, a break below $44.30 (low Sep.28) would aim for $43.71 (low Sep.24) and then $43.36 (low Sep.10).
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