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8 Sep 2015
WTI set to test $ 44, China fears resurface
FXStreet (Mumbai) - WTI oil on NYMEX dived deep in the red on Tuesday after a global supply glut and fears about a slowing Chinese economy after the latest trade figures continues to weigh on the black gold.
WTI submerged into losses despite weaker USD
Currently, WTI trades nearly -3.72% lower at 44.32, extending the weakness from near 48 levels. US oil keeps falling this session, following a huge slump on Monday, as oil traders digest the falling Chinese exports numbers from the world’s second largest oil consumer.
Chinese exports fell sharply for the second month in a row in August, the data showed on Tuesday, pointing to ongoing weakness in external demand and raising fresh concerns about the health of the world's second-largest economy.
Also, the falling US dollar failed to lift the prices of the US oil benchmark with the US dollar index now -0.33% lower at 95.82.
Meanwhile, the American Petroleum Institute (API) will deliver its weekly data later in the day, while the Energy Information Administration (EIA) is due to publish its report on Wednesday.
WTI Oil Technical Levels
WTI oil has an immediate resistance which stands at 45.92 levels above which gains could be extended to 47.23 levels. Meanwhile, support is seen at 43.21 levels from here losses could be extended to 41.78 levels.
WTI submerged into losses despite weaker USD
Currently, WTI trades nearly -3.72% lower at 44.32, extending the weakness from near 48 levels. US oil keeps falling this session, following a huge slump on Monday, as oil traders digest the falling Chinese exports numbers from the world’s second largest oil consumer.
Chinese exports fell sharply for the second month in a row in August, the data showed on Tuesday, pointing to ongoing weakness in external demand and raising fresh concerns about the health of the world's second-largest economy.
Also, the falling US dollar failed to lift the prices of the US oil benchmark with the US dollar index now -0.33% lower at 95.82.
Meanwhile, the American Petroleum Institute (API) will deliver its weekly data later in the day, while the Energy Information Administration (EIA) is due to publish its report on Wednesday.
WTI Oil Technical Levels
WTI oil has an immediate resistance which stands at 45.92 levels above which gains could be extended to 47.23 levels. Meanwhile, support is seen at 43.21 levels from here losses could be extended to 41.78 levels.