Tuesday, November 3, 2015

WTI in red around $46.30

FXStreet (Edinburgh) - Prices for the West Texas Intermediate have recovered from session lows in the $45.60 area and are now trading in the mid-$46.00s per barrel.

WTI lower on Chinese jitters

The barrel of crude oil continues to struggle to gain further traction today, as concerns over the health of the Chinese economy keep weighing on sentiment. Recall that the key manufacturing PMI print remains entrenched in the contraction territory (below the 50.0 threshold), according to the October print (48.3).

In addition, the ongoing supply glut and the prospects of the Fed’s lift-off sooner than later are collaborating with the downbeat mood, in spite of another decrease of the oil rig count, as per Friday’s report by driller Baker Hughes.

WTI levels to watch

At the moment the barrel of West Texas Intermediate is losing 0.67% at $46.28 and a break below $41.78 (low Aug.28) would expose $40.85 (23.6% Fibo of $37.75-$50.92) and finally $37.75 (2015 low Aug.24). On the other hand, the next hurdle aligns at $47.07 (100-day sma) followed by $47.80 (76.4% Fibo of $37.75-$50.9) and finally $49.33 (high Aug.31).
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