WTI still below $50.00 ahead of US data

Pablo Piovano FXStreet

Crude oil prices are retracing part of yesterday’s advance, dragging the barrel of West Texas Intermediate to the mid-$49.00s.

WTI focus on US GDP, Baker Hughes

Prices for the WTI are deflating from Thursday’s top just above the $50.00 mark following a recovery of the US dollar and ahead of key releases in the US calendar: advanced Q3 GDP and the Reuters/Michigan index.

In the meantime, the current weakness around crude oil prices is prompting the WTI to snap a 5-week positive streak, including fresh 2016 tops in levels just below the $52.00 mark seen on October 19.

Later in the session and following the releases in the US calendar, traders will remain vigilant on the report by Baker Hughes on the US drilling activity.

WTI levels to consider

At the moment the barrel of WTI is retreating 0.48% at $49.48 and a breach of $48.87 (low Oct.26) would expose $47.39 (55-day sma) and finally $46.45 (100-day sma). On the flip side, the next up barrier is located at $51.93 (2016 high Oct.19) followed by $53.89 (high Jul.10 2015) and then $62.58 (high May 6 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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