WTI down to fresh lows and eyes a run to $55.79 before $55 (psychological level)

 

WTI has just hit a fresh low and the lowest levels since Nov 21st business at $55.92bbls from a high of $57.63.

UAE EnergyMin: 2018 oil demand to be at 2017 level or more 

WTI has ended lower on Wednesday after another better bid session for the greenback, rising 0.24% at 93.60 by the close between a range of 93.171 and 93.650. There was a drop in domestic crude supplies but also there was an unexpectedly large rise in gasoline inventories. 

Gold: recovery limited by $1270, drops to test yesterday’s low

The U.S. Energy Information Administration on Wednesday morning reported that domestic crude supplies fell 5.6 million bbls last week, exceeding a forecast for a decline of 4.1 million bbls from analysts surveyed by S&P Global Platts. However,  gasoline stockpiles rose 6.8 million bbls versus a forecast rise of 2.7 million bbls.

WTI levels

Below $56.30 (Nov. 21 low) WTI is having a look in at $55 (psychological level) with pressure from the 21-D SMA at $57.11 ahead of  $59.05 (Nov. 24 high), $60 (psychological level) and $61.50 (Jun. 22 high) as next resistance. However, there is little hope of a rebound while indicators are turning progressively bearish with RSI (14) now at 47 with a break of 5th Nov lows on the cards at $55.79.

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 securities. 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 Forex 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.