FXStreet – crude oil prices have extended their losses today, so that WTI falls to the new Low below 47,00 $.
WTI focus on data
The WTI prices falling for the fourth day in a row, while the retailers reduce their long positions, according to the OPEC meeting last week was for the markets to be a disappointment.
It is worth noting that the Oil cartel, and 11 non-OPEC members decided to maintain production cuts until Q1 2018. The Deal in November 2016 was completed would have expired in June 2017.
The recent U.S. API data from Wednesday, and the EIA crude oil stocks on Thursday had no impact on the bearish WTI course. Since the OPEC Deal of the price of 52,00 $ (25 fell. May) to almost -10% in the vicinity of the current levels of 46,80.
Today, in addition to the US NFP, the weekly Baker Hughes US Oil Rig Counts in the focus.
WTI observed levels
Currently, the WTI daily loss -2,73% 47,04 and the next supports is at 46,84 (Deep-2. June), 45,70 (76,4 % Fibo of the may rally) and 43,76 (2017 Deep 5. May). On the other hand, Resistances in case of 48,20 (High-2. June), 48,86 (20-day SMA) and 49,71 (200-day SMA).
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