WTI in highs around $31.50

By FXStreet FXStreet (Edinburgh) – Crude oil prices are advancing for the second consecutive session so far, currently testing daily highs above the $31.00 mark per barrel.

WTI found support around $30.00

The steep decline of crude oil prices seems to have found some decent support around the critical $30.00 handle, although oil experts believe crude prices have still room to fall further.

Collaborating with the usual concerns over the ongoing supply glut, traders will remain vigilant on the possibility that sanctions against Iran could be lifted anytime within the upcoming days.

WTI levels to watch

At the moment the barrel of WTI is up 2.36% at $31.47 facing the next hurdle at $34.85 (20-day sma) ahead of $38.39 (high Jan.4) and then $41.11 (downtrend from $50.92). On the flip side, a breach of $29.93 (low Jan.12) would aim for $29.66 (monthly low Dec.2003) and finally $28.47 (monthly low Nov.2003).
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Source:: FX Street