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27 Mar 2015
WTI slumps to $48.80
FXStreet (Edinburgh) - The barrel of West Texas Intermediate is giving away recent gains, trading back to sub-$49.00 levels at the end of the session on Friday.
WTI lower on profit taking
The barrel of WTI surrendered yesterday’s gains, after Saudi Arabia’s air strikes against Yemen reignited concerns of supply disruptions, boosting the barrel beyond the $51.00 mark.
In the data front this week, recall that EIA reported another increase in crude oil inventories, this time by 8.2 million barrels and driller Baker Hughes confirmed that US oil rigs in use dropped by 12 to 813 from last week.
WTI key levels
The barrel of WTI is now down 4.28% at $49.23 with the immediate support at 47.01 (low Mar.25) ahead of $46.67 (low Mar.24) and then $45.33 (low Mar. 23). On the flip side, a break above $52.02 (high Mar.10) would aim for $53.04 (high Mar.6) and finally $54.00 (high Mar.5).
WTI lower on profit taking
The barrel of WTI surrendered yesterday’s gains, after Saudi Arabia’s air strikes against Yemen reignited concerns of supply disruptions, boosting the barrel beyond the $51.00 mark.
In the data front this week, recall that EIA reported another increase in crude oil inventories, this time by 8.2 million barrels and driller Baker Hughes confirmed that US oil rigs in use dropped by 12 to 813 from last week.
WTI key levels
The barrel of WTI is now down 4.28% at $49.23 with the immediate support at 47.01 (low Mar.25) ahead of $46.67 (low Mar.24) and then $45.33 (low Mar. 23). On the flip side, a break above $52.02 (high Mar.10) would aim for $53.04 (high Mar.6) and finally $54.00 (high Mar.5).