Wednesday, November 4, 2015

Oil gains more than 3.0%

FXStreet (Córdoba) - Crude oil prices soared this Tuesday, with WTI futures skyrocketing to fresh 3-week highs above $48.00 a barrel.

The black gold extended its latest rally on news Libya's oil production can drop by about 70K barrels a day after the eastern export terminal of Zueitina was blocked by an armed militia, as reported by the Libya’s National Oil Co.

Despite the market glut continues, investors may have re-thought their bearish bets on the commodity, fueling the advance of prices ahead of the US stockpiles reports.

WTI technical view

“Technically, the daily chart shows that the price extended well above its 20 and 100 SMAs, and is currently hovering around the 61.8% retracement of its latest daily decline, whilst the technical indicators have crossed their mid-lines towards the upside”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the price has extended well above its moving averages, whilst the RSI indicator maintains a bullish slope, despite being in overbought territory, whist the Momentum indicator lacks directional strength, but remains above its 100 level”.

Support levels: 47.60 46.90 46.40. Resistance levels: 48.35 48.80 49.30.
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