WTI Oil offered at 50% retracement, now trades in the red

By FXStreet FXStreet (Mumbai) – The West Texas Intermediate (WTI) December futures ran into offers closer to USD 50.165 (50% R of May to Aug plunge) to trade with moderate losses in the NY session.

Hovers above key support

At USD 49.40, prices are just a few cents above a strong support on the daily chart located at USD 49.32. Prices had received a minor boost after the OPEC, via its monthly report, revised its 2015 global demand forecast lower and 2016 forecast higher.

However, prices failed to take out key Fib resistance mentioned above at USD 50.165. Meanwhile, losses are being capped by the moderate weakness in the USD index.

WTI Oil Technical Levels

The immediate support is seen at 49.32 (Aug 31 high), under which the prices could drop to 47.78 (Sep 17 high). On the other side, resistance is seen at 50.165 (50% of May to Aug plunge) and 50.93 (previous day’s high).
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Source:: FX Street