WTI slumps below $45.00

By FXStreet FXStreet (Edinburgh) – Crude oil prices are posting strong losses at the beginning of the week, with the barrel of the American benchmark for the light crude oil hovering over the mid-$44.00 per ounce.

WTI lower on thin trade, data eyed

Prices for the WTI are markedly lower as market participants remain concerned on the ongoing supply glut and the likeliness of Iran pumping more oil into the markets and exerting further downside pressure on prices.

Busy week for oil traders, as the International Energy Agency will publish its monthly report as well as the usual EIA weekly information on stockpiles and EMU’s GDP figures for the second quarter, which will shed further information on the demand prospects for oil in the area.

WTI levels to watch

At the moment WTI is down 3.91% at $44.25 facing the immediate support at $43.21 (low Sep.2) ahead of $41.78 (low Aug.28) and finally $38.95 (low Aug.27). On the flip side, a break above $48.85 (high Sep.1) would aim for $49.03 (high Jul.31) and then $49.91 (high Jul.29).
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Source:: FX Street