Oil posts fourth daily loss in a row

By FXStreet FXStreet (Córdoba) – Crude oil prices kept falling on Thursday, with West Texas Intermediate crude oil futures hitting an intraday low of $32.08 a barrel. The commodity recovered some ground during the American session on broad dollar’s weakness, but ended in the red for a fourth day in a row.

Worries about sluggish global growth triggered by Chinese economic slowdown have weighed on light sweet crude, also down on a continued increase of US stockpiles.

WTI technical perspective

“Technically, the commodity maintains the strong bearish tone seen on previous updates, as in the daily chart, it’s far below a bearish 20 SMA, whilst the technical indicators head sharply lower near oversold readings”, said Valeria Bednarik, chief analyst at FXStreet. “Shorter term, the 4 hours chart shows that the commodity is resuming its decline within bearish territory, far below a bearish 20 SMA, and with the technical indicators turning sharply lower after barely correcting extreme oversold readings, all of which supports some further declines towards the 30.00 region, the next big psychological barrier”.

Support levels: 33.10 32.50 31.80. Resistance levels: 34.20 34.90 35.70.
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Source:: FX Street