WTI drops below $46, 6-week low

Matías Salord FXStreet

FXStreet (Córdoba) - Crude oil is plunging ahead of the beginning of trading in New York. The West Texas Intermediate lost more than a dollar during the last three hours and fell to $45.92 reaching the lowest price since January 30. Currently is hovering around $46.00, down more than 2%.

Crude approaches 2015 lows

Since the beginning of the current week, the barrel lost almost $4 and it has approached 2015 lows that lie around $44.00. If it falls below it would be trading at levels last seen back in 2009.

The price of the barrel failed to rise amid a correction of the US dollar on Thursday and today is weakening further as greenback gains momentum and as markets fall in Europe and Wall Street futures point to a negative opening.

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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