- WTI prices reached levels above $ 46.00.
- Demand concerns resurface and weigh on confidence.
- The EIA reported that the supply of US crude fell 0.754 million last week.
After hitting new 8-month highs above $ 46.00, WTI barrel prices They are down a bit on profit taking and resumption of demand concerns on Thursday.
WTI finds resistance above $ 46.00
West Texas Intermediate prices for a barrel fell for the first time after six daily advances in a row.
Indeed, that price reaction followed profit-taking in light of strong monthly gains, while nerves over crude oil demand resurfaced amid the relentless advance of the pandemic.
Earlier in the week, the EIA reported a drop of around 750,000 barrels in US crude oil supplies over the past week, in line with the decline in oil inventories reported Tuesday night. API. Other data from driller Baker Hughes showed that the US oil rig count increased by 10 over the past week to 241 active oil rigs.
Despite the ongoing correction, WTI closed with gains in all weeks of the current month, gaining around 37% from lows in the area of ​​less than $ 34.00 on November 1.
Technical levels
At the moment, a barrel of WTI is down 1.30% to $ 45.26 and a breakout of $ 43.04 (November 11 high) would target $ 40.12 (weekly low on November 16) and then to $ 37.09 (6 low of November). On the other hand, the next hurdle is lined up at $ 46.24 (monthly maximum on November 25), seconded $ 48.39 (monthly maximum on March 4) and finally $ 54.45 (monthly maximum on February 20).
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