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WTI off lows, regains $42.00 and beyond

FXStreet (Edinburgh) - Crude oil prices are extending their weekly decline, hovering over 3-month lows around the $42.00 neighbourhood.

WTI lower on OPEC, focus on EIA

The barrel of the West Texas Intermediate is retreating once again after the OPEC has reported that the current supply glut will likely to persist in spite of an expected pick up in the demand for the black gold.

Ahead in the session, the EIA’s weekly report is due, with consensus expecting inventories to have increased more than a million barrels during the week ended on November 6.

WTI levels to watch

At the moment the barrel of WTI is losing 0.93% at $42.53 with the next support at $40.85 (23.6% Fibo of $37.75-$50.92) followed by $40.00 (psychological level) and finally $37.75 (2015 low Aug.24). On the other hand, a surpass of $45.65 (55-day sma) would aim for $47.17 (downtrend from $50.92) and then $48.36 (high Nov.3).

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