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30 Mar 2015
WTI drops to lows near $47.70
FXStreet (Edinburgh) - The barrel of the American benchmark for the light crude oil is extending the downbeat momentum below the $48.00 mark on Monday.
WTI softer on USD, Iran
The continuation of the bid tone around the greenback has been weighing on crude oil prices since the Asian session today. In addition, a positive scenario from the ongoing Iran nuclear talks could see its oil-related sanctions easing, giving oil prices further reasons to decline. More upsetting news for the WTI came from Yemen, as concerns regarding the possibility of disruptions in the oil supply have somewhat deflated.
WTI key levels
The barrel of WTI is now down 2.01% at $47.89 with the immediate support at 47.01 (low Mar.25) ahead of $46.67 (low Mar.24) and then $45.33 (low Mar. 23). On the flip side, a break above $49.14 (high Mar.30) would aim for $52.02 (high Mar.10) and finally $53.04 (high Mar.6).
WTI softer on USD, Iran
The continuation of the bid tone around the greenback has been weighing on crude oil prices since the Asian session today. In addition, a positive scenario from the ongoing Iran nuclear talks could see its oil-related sanctions easing, giving oil prices further reasons to decline. More upsetting news for the WTI came from Yemen, as concerns regarding the possibility of disruptions in the oil supply have somewhat deflated.
WTI key levels
The barrel of WTI is now down 2.01% at $47.89 with the immediate support at 47.01 (low Mar.25) ahead of $46.67 (low Mar.24) and then $45.33 (low Mar. 23). On the flip side, a break above $49.14 (high Mar.30) would aim for $52.02 (high Mar.10) and finally $53.04 (high Mar.6).