Crude oil recovers but holds below $45.00

By FXStreet FXStreet (Córdoba) – Crude oil prices ended the day slightly higher, with US sweet light crude ending the day around $ 44.60 a barrel. WTI futures surged after the US White House said it does not support a move by the House of Representatives to repeal a 40-year-old ban on exports of crude oil, but the commodity failed to rally beyond the 45.00 level.

WTI technical view

“Technically, the daily chart shows that the price posted a tepid bounce from a slightly bullish 20 SMA, although the technical indicators are hovering around their mid-lines with no clear directional strength”, said Valeria Bednarik, chief analyst at FXStreet. “Shorter term, the 4 hours chart shows that the moving averages remain in a tight $3.00 range with the price in between, a clear sign that the market is not sure on whether to go. In this last chart, the technical indicators continue being stuck around their mid-lines, situation that will likely continue until the release of US stockpiles and the latest FED’s decision”.

Support levels: 44.00 43.30 42.50. Resistance levels: 45.10 46.40 47.20.
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Source:: FX Street