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WTI drops to lows near $49.00

FXStreet (Edinburgh) - The weekly upside in crude oil prices is being interrupted today, with the West Texas Intermediate now dropping below the $50.00 mark per barrel.

WTI supported by USD weakness, Syria

The barrel of WTI remains supported by the increasing political jitters around the Middle East, with Russia and Syria taking centre stage. In addition, further selling interest around the dollar post-FOMC minutes keeps alive the demand for USD-denominated assets, collaborating with the initial upside.

Another driver for crude oil strength remains the potential agreement between OPEC and non-OPEC oil producers about the likeliness of cut the production quota, which could start with Russia.

WTI levels to consider

At the moment the barrel of WTI is retreating 0.16 % at $49.35 with the next resistance at $50.91 (high Oct.9) ahead of $53.89 (high Jul.13) and then $56.79 (high Jul.6). On the flip side, a break below $44.30 (low Sep.28) would aim for $43.71 (low Sep.24) and then $43.36 (low Sep.10).

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