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WTI back above $40.00

FXStreet (Edinburgh) - Crude oil prices have recovered the smile on Thursday, currently advancing beyond the $40.00 mark per barrel.

WTI boosted by USD weakness, Saudi Arabia

Prices for the black gold have revived today following comments by Saudi Arabia officials suggesting a cut in oil production in light of the imminent OPEC meeting (Friday).

In addition, the European Central Bank failed to meet expectations of a dovish tone at today’s meeting, hammering the greenback in consequence and collaborating with today’s relief in the USD-denominated assets.

WTI levels to watch

At the moment the barrel of WTI is up 1.10% at $40.44 and a surpass of $41.80 (23.6% Fibo of $50.90-$38.99) would expose $44.52 (55-day sma) and finally $45.14 (downtrend from $50.92). On the other hand, the initial support lines up at $38.99 (low Nov.23) ahead of $37.75 (2015 low Aug.24).

NZD/USD erases gains, drops toward 0.6600

NZD/USD peaked at 0.6671 following the decisions of the ECB that weakened the US dollar but then reversed and erased all gains. Recently it bottomed at 0.6616, hitting a fresh daily low. Currently it trades at 0.6620/25, 15 pips below yesterday’s closing price.
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