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WTI in sub-$50.00 levels


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FXStreet (Edinburgh) – The barrel of West Texas Intermediate is recovering ground lost from yesteerday’s pullback, trading in a narrow range although unable to surpass the $50.00 mark so far.

WTI stronger, dollar retreats


The softer tone surrounding the greenback is allowing the current rebound in crude oil prices, which seem to be consolidating last week’s decline from the vicinity of the key handle at $55.00.


The greenback failed to gather further traction after the second revision of the US GDP Annualized bettered estimates – growing 2.2% in the fourth quarter – and the consumer sentiment tracked by the Reuters-Michigan came in at 95.4 vs. 94.0 expected.


The weekly report from driller Baker Hughes showed oil rigs in use in the US decreased by 33 to 986 in the last week.


WTI levels to watch


The barrel of WTI is now advancing 1.10% at $48.70 with the initial hurdle at 51.22 (high Feb.25) ahead of $52.72 (high Feb.19) and then $54.32 (high Feb.17). On the downside, a breakdown of $48.20 (low Feb.5) would expose $47.46 (low Feb.2) and finally $45.07 (low Jan.30).