WTI Crude Oil Losing The 45.00 Handle

Oil prices are trading weaker on Tuesday. The declines come despite the US dollar taking a strong hit.

The move to the downside comes after oil prices failed to make any big moves to the upside.

As a result, WTI crude oil was consolidating around the 45.00 level for a considerable period of time.

After losing this handle, oil prices are likely to push lower. The next key support is near the 43.50 level.

However, we expect the pullback to see prices retracing the 45.00 handle.

If resistance is firmly established here, then we could expect to see further declines down to the 43.50 level.

wti crude oil

 

Disclaimer: Orbex LIMITED is a fully licensed and Regulated Cyprus Investment Firm (CIF) governed and supervised by the Cyprus Securities and Exchange Commission (CySEC) (License Number 124/10). ...

more
How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.