FXStreet — Oil prices have recently tested their daily lows. The price for the US variety of West Texas Intermediate (WTI) , listed on the last 46.25 $ 0.39 per cent in the Minus. Investors now await the release of US crude inventories.
U.S. Oil puts a focus on API report
The resurgence of Concerns about an Oversupply of Oil on the world market, as well as the skepticism of the investors in respect of an extension of OPEC production cuts, the current price drivers of black Gold.
Since the oil Demand in the first quarter of the year is usually weak, it would threaten the continuation of the cuts for the end of the year, immediately after again is a Glut, the prices charged, said Commerzbank.
Price increases are currently being used for sale. This suggests a change of mood, which complicates further recovery from the slump of last week, according to the experts.
In addition, the demand for the black Gold due to the recovery of the American currency subdued.
In the course of the day then the by the American Petroleum Institute (API) collected U.S. crude inventories released. The Wednesday report from the U.S. Department of energy, then follows the official Camp.
U.S. Oil Major course marks
The next supports lie at 45,73 (Deep 08. May), 43,76 (Deep 05. May 2017) 42,20 (Deep 14. November 2016). Technical Resistances are at 46,98 (High-08. May), 47,58 (38,2% Fibo) and 49,31 (the 200-day line).