WTI challenging lows near $52.20
|Crude oil prices are slightly in the red at the beginning of the week, with the West Texas Intermediate around the $52.20 area per barrel.
WTI weaker on USD buying, Saudi officials
Prices for the WTI are retreating for the second consecutive session so far today, testing lows near the key $52.00 mark following a string rebound in the demand for the greenback.
Risk-off sentiment has picked up extra pace today in response to heightened risks on the likeliness of a Brexit scenario, all in light of the speech by UK’s PM Theresa May on Tuesday.
Somewhat alleviating upside pressure, Saudi Energy Minister said the current deal to limit the oil output is unlikely to extend beyond six months.
On another direction, WTI speculative net longs have decreased to 4-week lows during the week ended on January 10, as per the latest CFTC report.
WTI levels to consider
At the moment the barrel of WTI is losing 0.38% at $52.16 and a break below $50.71 (low Jan.10) would expose $49.95 (low Dec.15) and then $49.88 (55-day sma). On the other hand, the next hurdle lines up at $52.97 (20-day sma) followed by $54.32 (high Jan.6) followed by $53.50 (high Jan.12) and finally $54.32 (high Jan.6).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.