WTI advances beyond $47.00, FOMC on sight

By FXStreet FXStreet (Edinburgh) – The barrel of the West Texas Intermediate has left session lows in the mid-$46.00s and is now testing the upper band of the range above the $47.00 handle.

WTI looks to FOMC for direction

The softer tone around the greenback is encouraging crude oil prices to extend its weekly upside to levels beyond the $47.00 mark per barrel ahead of the FOMC meeting due later. Despite expectations of a rate hike are now markedly lower than weeks ago, analysts are still pretty divided on today’s outcome.

However, it seems to prevail the consensus amongst traders that the Committee could strike a hawkish tone today, threatening the USD-denominated assets and the WTI weekly upside in particular.

WTI levels to watch

The barrel of WTI is now up 0.85% at $47.55 facing the next hurdle at $48.42 (high Sep.3) ahead of $48.87 (high Sep.1) and then $49.33 (high Aug.31). On the other side, a break below $43.59 (low Sep.14) would open the door to $43.36 (low Sep.10) and then $43.21 (low Sep.2).
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Source:: FX Street