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31 Mar 2015
WTI drops below $48.00
FXStreet (Edinburgh) - The barrel of West Texas Intermediate is extending its negative streak on Tuesday, currently navigating sub-$48.00 levels.
WTI weaker on Iran, USD
Crude oil prices remain on the defensive side one more session, as market participants continue to gauge the outcome of the Iran nuclear talks. A favourable scenario for Iran could contemplate the lifting of the oil sanctions, adding concerns to the global glut in oil output.
In addition, the continuation of the bid tone around the greenback keeps collaborating with the decline.
Later on, the API report on crude oil inventories is due, ahead of tomorrow’s weekly report issued by the EIA.
WTI key levels
The barrel of WTI is now down 1.75% at $47.83 with the immediate support at 47.01 (low Mar.25) ahead of $46.67 (low Mar.24) and then $45.33 (low Mar. 23). On the flip side, a break above $49.14 (high Mar.30) would aim for $52.02 (high Mar.10) and finally $53.04 (high Mar.6).
WTI weaker on Iran, USD
Crude oil prices remain on the defensive side one more session, as market participants continue to gauge the outcome of the Iran nuclear talks. A favourable scenario for Iran could contemplate the lifting of the oil sanctions, adding concerns to the global glut in oil output.
In addition, the continuation of the bid tone around the greenback keeps collaborating with the decline.
Later on, the API report on crude oil inventories is due, ahead of tomorrow’s weekly report issued by the EIA.
WTI key levels
The barrel of WTI is now down 1.75% at $47.83 with the immediate support at 47.01 (low Mar.25) ahead of $46.67 (low Mar.24) and then $45.33 (low Mar. 23). On the flip side, a break above $49.14 (high Mar.30) would aim for $52.02 (high Mar.10) and finally $53.04 (high Mar.6).