WTI oil revisits Oct 15 low, eyes 50-DMA

By FXStreet FXStreet (Mumbai) – Crude prices in the US extended losses in the US session, falling to Oct 15 low of USD 45.25/barrel.

Oil ignores uptick in stocks

Prices received no support from the moderate risk-on seen in the European stocks and now in the Us index futures. The futures ran into offers after it dipped below USD 45.89 (38.2% of 37.75-50.93).

The futures appear on track to test the 50-DMA located at USD 44.98/barrel as traders continue to price-in the heightened concerns of global growth slowdown after Japan published sharp drop in Its September exports today.

WTI Oil Technical Levels

The immediate support is located at 44.98 (50-DMA), under which losses could be extended to 44.34 (50% of 37.75-50.93). On the higher side, 45.89 (38.2% of 37.75-50.93) could act as a resistance, above which the futures could rise to its daily high of 46.29.
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Source:: FX Street