WTI prices continued to remain negative until this week, yet they seemed to have solid support at the bottom of the session at $ 46.50.
Following the unconfirmed remarks on G. Cohn’s resignation, the soft outlook around the USD helps crude oil prices gain a bit more outlook.
WTI prices were defensively positive today with positive results from US data, the Philly Fed index and the first unemployment applications, came on expectations and supported the USD demand.
Downward pressure on crude oil concentrates this week despite persistent retrenchment in US crude oil inventories as reported by the EIA report.
However, China’s crude oil demand continues to weigh on the investor sentiment, with expectations of slowing, rising US production and relentless oversupply.
WTI Crude Oil is trading at $ 46.89 with a gain of 0.24%.
Significant technical levels for WTI
The resistance levels at $ 47.23 (38.2% Fibo June-August increase), $ 47.97 (100-day SMA) and $ 48.47 (21-day SMA), $ 46.67 (August 16 bottom), $ 46.51 $ (50% Fibo June-August rise) levels may provide support for WTI.