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2 Mar 2015
WTI firm above $50.00
FXStreet (Edinburgh) - The barrel of the American benchmark for the light crude oil has retaken the critical $50.00 mark at the beginning of the week.
WTI propped up by China, US data
Positive PMI results from the Chinese economy over the weekend plus the PBoC easing further gave the WTI a fair excuse to regain some ground lost, regaining in the meantime the key mark at $50.00.
The softer tone in the dollar following disappointing releases in the US economy is also collaborating with the upside.
WTI levels to watch
The barrel of WTI is now advancing 1.47% at $50.49 with the initial hurdle at 51.22 (high Feb.25) ahead of $52.72 (high Feb.19) and then $54.32 (high Feb.17). On the downside, a breakdown of $48.20 (low Feb.5) would expose $47.46 (low Feb.2) and finally $45.07 (low Jan.30).
WTI propped up by China, US data
Positive PMI results from the Chinese economy over the weekend plus the PBoC easing further gave the WTI a fair excuse to regain some ground lost, regaining in the meantime the key mark at $50.00.
The softer tone in the dollar following disappointing releases in the US economy is also collaborating with the upside.
WTI levels to watch
The barrel of WTI is now advancing 1.47% at $50.49 with the initial hurdle at 51.22 (high Feb.25) ahead of $52.72 (high Feb.19) and then $54.32 (high Feb.17). On the downside, a breakdown of $48.20 (low Feb.5) would expose $47.46 (low Feb.2) and finally $45.07 (low Jan.30).