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13 Mar 2015
WTI remains in lows around $45/bbl
FXStreet (Edinburgh) - The barrel of West Texas Intermediate is extending the weekly decline on Friday, currently hovering over the area of session lows around $44.90/$45.00.
WTI challenges 2-month lows
The barrel of WTI remains on the back footing following the stronger buying interest in the greenback and the recent report from the IEA (International Energy Agency), which revised lower its forecasts for crude oil prices for the present year and the next. The report also highlights that the capacity of the US to store crude oil could deplete, increasing the quantity of oil in the markets and exerting further downside pressure on prices.
In another direction, driller Baker Hughes reported that US oil rigs in use decreased by 56 from last week, to 866.
WTI key levels
The barrel of WTI is now retreating 4.05% at $45.15 and a drop below $44.75 (low Mar.13) would aim for $44.37 (low Jan.29) and then 43.83 (monthly low April 2009). On the upside, the initial resistance lines up at 447.27 (high Mar.13) followed by $48.75 (high Mar.12) and finally $49.05 (high Mar.11).
WTI challenges 2-month lows
The barrel of WTI remains on the back footing following the stronger buying interest in the greenback and the recent report from the IEA (International Energy Agency), which revised lower its forecasts for crude oil prices for the present year and the next. The report also highlights that the capacity of the US to store crude oil could deplete, increasing the quantity of oil in the markets and exerting further downside pressure on prices.
In another direction, driller Baker Hughes reported that US oil rigs in use decreased by 56 from last week, to 866.
WTI key levels
The barrel of WTI is now retreating 4.05% at $45.15 and a drop below $44.75 (low Mar.13) would aim for $44.37 (low Jan.29) and then 43.83 (monthly low April 2009). On the upside, the initial resistance lines up at 447.27 (high Mar.13) followed by $48.75 (high Mar.12) and finally $49.05 (high Mar.11).