WTI treading water above $30.00

By FXStreet FXStreet (Edinburgh) – Crude oil prices have trimmed earlier losses albeit they’re still trading in the negative ground, currently hovering just above the critical mark at $30.00 per barrel.

WTI lower on Iran

Iran has finally seen its sanctions lifted over the weekend, paving the way for an extra 500000 barrels of crude per day to be pumped into the already oversupplied market, exacerbating the downside pressure on prices.

Despite the Brent crude is poised to suffer more the extra barrels of Iran, the barrel of West Texas Intermediate could not gather further traction, remaining in the $30.00 neighbourhood for the time being.

WTI levels to watch

At the moment the barrel of WTI is down 39% at $30.28 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 $34.04 (20-day sma) ahead of $38.39 (high Jan.4) and then $40.20 (downtrend from $50.92).
For more information, read our latest forex news. …read more

Source:: FX Street