WTI retreats further, breaches $49.00

Pablo Piovano FXStreet

Crude oil prices are posting losses for the second straight session so far, with the American benchmark for the sweet light crude oil around $49.00 per barrel.

WTI weaker ahead of Yellen, Baker Hughes

The barrel of WTI is easing further ground following yesterday’s YTD tops above the critical $50.00 mark, levels last seen back in October.

The re-emergence of the buying interest around the dollar, concerns over the supply glut plus some profit taking sentiment is hurting prices for the black gold, which are currently testing 2-day lows in the $49.00/$48.90 band.

Later in the NA session, Chair J.Yellen is due to speak ahead of the US oil rig count published by driller Baker Hughes.

WTI levels to consider

At the moment the barrel of WTI is retreating 1.87% at $48.85 with the initial support at $46.67 (20-day sma) followed by $42.50 (low Apr.26) and then $40.03 (200-day sma). On the other hand, a breakout of $50.21 (2016 high May 26) would open the door to $50.92 (high Oct.9 2015) and finally $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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