WTI testing lows around $49.80

WTI testing lows around .80
FXStreet (Edinburgh) – The barrel of the American benchmark for the light crude oil has breached the critical $50.00 mark on Wednesday, testing lows in the $49.80/75 band.

WTI lower on dollar, inventories

Crude oil prices deflated further today following a better tone in the US dollar, keeping the demand for USD-denominated assets subdued.

In addition, EIA reported that crude oil inventories unexpectedly rose by 2.5 million/barrels in the week ended on July 17, collaborating with the generalized downside pressure.

WTI levels to watch

At the moment WTI is down 1.91% at $49.89 and a break below $49.47 (low Apr.6) would aim for $48.11 (low Apr.2) and finally $47.05 (low Apr.1). On the other hand, the immediate up barrier lies at $52.54 (high Jul.16) followed by $53.94 (high Jul.15) and then $54.35 (high Jul.10).
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WTI testing lows around .80
Source: FXStreet