WTI Crude Oil (current price: $43.71)
Oil had a two-sided session yesterday, as the morning session saw a quick jump in the price of the crucial commodity that gradually faded away later on. WTI Crude still trades around the key $44 level, with the broad Dollar rally and the persistent supply issues dragging the contract lower. The OPEC nations are trying to calm the market with constant rumors about a coordinated production freeze by the cartel, but so far no real progress has been made towards that goal.
Our assessment: Oil only managed a slight bounce off the $44 support, and that might lead to a re-test of the 200-day MA near $41.50, especially if the BOJ and the FED disappoint the market.
