FXStreet — crude oil prices reversed on Wednesday a portion of their losses, so that WTI crude oil traded in the area of 48,00$.
WTI’s recovery from the 47,30 $
The WTI prices to be set today by a good 1%, after the buyers saw their Chance, after yesterday, the Low at 47,35/30$ was formed.
The buying interest has increased after the yesterday the API report showed an unexpected decline in US crude oil inventories rose 4.2 million barrels.
The optimism about an extension of the OPEC/non-OPEC production curtailment appears to be declining.
Today is the EIA crude oil stock is published in the inventory report, after it had come in the previous week, a decrease of -3,641 million barrels. Later then announced the monetary policy decision from the Fed.
WTI observed levels
Currently, the WTI one-day gain of 0.80% 48,04 and the next Resistances is at 48,45 (78,6 % Fibo of the March to April rally), 49,22 (200-day SMA) and 49,59 (61.8% Fibo of the March to April rally). On the other hand, the next supports are at 47,35 (Deep-2. May), 47,01 (2017 Deep 2. March) 44,82 (Deep 29. November 2016).
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