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WTI retakes $47.00 and beyond

FXStreet (Edinburgh) - Crude oil prices have managed to revert the initial negative start and they’re now advancing beyond the $47.00 mark per barrel.

WTI shrugged off IEA’s warning

Prices for the WTI keep its march north today, recovering from the earlier drop in response to the IEA’s report stating that the global supply glut could stay longer than previously estimated. In addition, poor trade balance figures from the Chinese economy have been weighing on sentiment since early trade, somehow capping the upside.

Ahead in the week, traders will remain vigilant on the events in the Middle East, as well as the EIA weekly report on crude inventories and the US oil rig count from driller Baker Hughes on Friday.

WTI levels to watch

At the moment the barrel of West Texas Intermediate is up 0.91% at $47.53 facing the next resistance at $49.49 (100-day sma) ahead of $50.96 (200-day sma) and then $53.10 (61.8% Fibo of $62.58-$37.75). On the flip side, a break below $45.28 (uptrend from ytd lows Aug.24) would expose $44.68 (55-day sma) and finally $43.21 (low Sep.2).

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