WTI under pressure near $50.20
|Crude oil prices are giving away part of Friday’s advance, now taking the West Texas Intermediate back to the vicinity of the $50.00 mark per barrel.
WTI focus on data, Fedspeak
Prices for the black gold are shedding nearly $2 after reaching fresh 2016 highs near the $52.00 mark during last week.
Speculations on a probable deal regarding an output freeze at the November OPEC meeting in Vienna continue to drive the sentiment around traders, while the declining trend in crude oil inventories seen in recent weeks keep adding buoyancy to prices.
Ahead in the session, the greenback will be in the limelight as FOMC’s J.Powell (permanent voter, neutral) is due to speak.
According to the latest CFTC report, WTI speculative net longs have declined a tad during the week ended on October 18, although they still remain in highs seen in the summer 2014, when the barrel was around $100.00.
WTI levels to consider
At the moment the barrel of WTI is retreating 1.18% at $50.25 facing the next support at $50.09 (20-day sma) ahead of $49.15 (low Oct.10) and finally $47.23 (55-day sma). On the flip side, a breakout of $51.93 (2016 high Oct.19) would aim for $53.89 (high Jul.10 2015) and then $62.58 (high May 6 2015).
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.