WTI recedes from tops, hovers around $46.00

Prices of the WTI comes under pressure following recent tops.
WTI clinched fresh 9-month peaks near $47.00 on Friday.
Pandemic concerns appear to have returned to the fore.

Pablo Piovano FXStreet

Prices of the barrel of the West Texas Intermediate start the week on the defensive, although the correction met support near $45.40 so far.

WTI under pressure on pandemic concerns

After climbing as high as the vicinity of the $47.00 mark per barrel on Friday, or multi-month peaks, WTI prices now correct lower against the backdrop of renewed concerns over the impact of the coronavirus pandemic on the oil industry.

In the meantime, traders continue to digest the recent decision by the OPEC+ to gradually increase its oil output starting in January, while some profit trading in light of the recent strong advance also helps with the downside.

Later in the week, the usual reports from the API and the EIA will take centre stage on Tuesday and Wednesday, respectively.

WTI significant levels

At the moment the barrel of WTI is losing 0.66% at $45.81 and a breach of $43.94 (monthly low Dec.2) would expose $43.04 (high Nov.11) ahead of $40.12 (weekly low Nov.16). On the flip side, the next hurdle emerges at $46.66 (monthly high Dec.4)

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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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