WTI Crude Oil (current price: $43.99)
Oil couldn’t capitalize on the weakness in the Dollar and the healthy bounce in global risk assets, as bearish news surfaced about the supply conditions from Libya and Nigeria. The crucial commodity still managed to close in the green after hitting the all-important $44 level in early trading. WTI Crude broke below the short-term rising trend-line on Wednesday, and the current correction might extend to the 200-day MA at $41.50, especially if the FED decides on a rate hike next week.
Our assessment: Oil is holding above the crucial support zone for now, with resistance at $46.50 and above that around the $49 level.
