WTI deflates to lows around $31.00

By FXStreet FXStreet (Edinburgh) – Crude oil prices are now quickly losing momentum, coming down to test daily lows around the $31.00 mark per barrel.

WTI weaker post-Payrolls

The barrel of West Texas Intermediate has now returned to the $31.00 neighbourhood following a better tone in the greenback in response to auspicious results from US Non-farm Payrolls (151K).

While market participants keep assessing today’s figures, crude oil prices are closing the week in the red territory after two consecutive weeks with gains. Next of relevance for crude oil prices will be the US oil rig count by driller Baker Hughes, due later in the European evening.

WTI levels to consider

At the moment the barrel of WTI is down 0.66% at $31.51 facing the next support at $29.25 (low Jan.26) followed by $27.87 (low Jan.21) and then $26.19 (low Jan.20). On the other hand, a surpass of $34.82 (high Jan.28) would expose $35.19 (55-day sma) and finally $38.62 (downtrend from $50.92).
For more information, read our latest forex news. …read more

Source:: FX Street