WTI in red around $47.20

Pablo Piovano FXStreet

Crude oil prices have reverted the initial test of the $48.00 neighbourhood, now receding to the area of $47.20.

WTI lower as Brexit weighs, USD bid

The firm tone in the US Dollar since the “Brexit’ vote on Friday keeps weighing on the risk associated assets today, with the West Texas Intermediate retreating for the second session in a row towards the $47.00 region per barrel.

Crude oil remains under pressure as uncertainty over the global economy has morphed into further risk aversion, with the focus of attention on the UK-EU developments.

On the data front, reports on crude oil stockpiles by the API (Tuesday) and the EIA (Wednesday) will be the salient points in the weekly calendar.

WTI levels to consider

At the moment the barrel of WTI is down 0.88% at $47.22 facing the next support at $46.81 (55-day sma) ahead of $45.83 (low Jun.17) and finally $43.03 (low May 10). On the flip side, a break above $50.21 (previous 2016 high May 26) would open the door to $51.67 (2016 high Jun.8) and then $53.85 (high Jul.10 2015).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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