OctaFX | OctaFX Forex Broker
Open trading account

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).

EUR/USD rises above 1.0800 after Yellen

EUR/USD picked up momentum and advanced to fresh daily highs with the dollar weakening versus major competitors as Fed Chair Yellen made no comments on monetary policy during opening remarks in Washington.
Read more Previous

Monetary policy’s impact on real economy is limited and temporary – Fed’s Lacker

Fed’s Lacker was on the wires stating that monetary policy has a limited and temporary impact on the real economy, but the policy is uniquely suited to control of inflation.
Read more Next
Start livechat