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WTI retreats to lows near $47.00

FXStreet (Edinburgh) - Crude oil prices are trading in the negative ground on Wednesday, currently hovering over the $47.00 area per barrel.

WTI weaker on supply concerns

Prices for the West Texas Intermediate are surrendering part of yesterday’s strong gains, testing the key support at $47.00 the figure as market participants remain concerned over the ongoing supply glut.

Collaborating with the downbeat sentiment, a confidential OPEC report argued that demand for the cartel’s crude would remain under pressure in the upcoming years, potentially until 2019. It is worth recalling that the next meeting of OPEC’s oil ministers is due on December 4th.

Furher news saw crude oil inventories increasing by 2.8 million barrels in the week ended on October 23rd.

WTI levels to watch

At the moment the barrel of West Texas Intermediate is losing 1.77% at $47.06 with the next support at $41.78 (low Aug.28) ahead of $40.85 (23.6% Fibo of $37.75-$50.92) and finally $37.75 (2015 low Aug.24). On the other hand, a surpass of $48.36 (high Nov.3) would aim for $49.33 (high Aug.31) and then $50.76 (200-day sma).

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