WTI erases gains, back around $30.00

By FXStreet FXStreet (Edinburgh) – Crude oil prices have surrendered the initial advance to the vicinity of $31.40, now returning to levels just above the $30.00 mark per barrel.

WTI up and down with rumours

Crude oil prices have rebounded in early trade after market participants have digested the recent news coming from Iran. Sustaining the upside, Chinese demand for crude is poised to hit a record high during 2015, according to data released this morning in Asia.

However, Paris-based IEA has reported that the ongoing supply glut cold linger for longer, prompting traders to cash up daily gains and trigger the current correction lower.

WTI levels to watch

At the moment the barrel of WTI is down 0.89% at $30.25 a breach of $29.13 (low Jan.14) would aim for $29.00 (psychological level) and finally $28.47 (monthly low Nov.2003). On the flip side, the next hurdle is placed at $33.80 (20-day sma) ahead of $38.39 (high Jan.4) and then $40.22 (downtrend from $50.92).
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Source:: FX Street