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WTI off lows, retakes $46.00

FXStreet (Edinburgh) - Crude oil prices are giving away part of yesterday’s sharp gains, bouncing off session lows and regaining the $46.00 handle per barrel.

WTI weaker on USD, eyes on EIA

The solid bid tone around the greenback is hurting further the USD-denominated assets today. Despite the barrel of WTI has managed to rebound from as low as the $45.40 area, it remains well entrenched into the negative territory.

In the meantime, concerns over the Chinese economy and the current supply glut seem to be back amongst traders, with oil traders staying vigilant on the upcoming EIA report on crude oil stockpiles (Wednesday) and Friday’s oil rig count tracked by driller Baker Hughes.

WTI levels to watch

The barrel of WTI is now losing 1.98% at $46.02 and a break below $43.59 (low Sep.14) would aim for $43.36 (low Sep.10) and then $43.21 (low Sep.2). On the upside, the next up barrier lines up at $48.42 (high Sep.3) ahead of $48.87 (high Sep.1) and finally $49.33 (high Aug.31).

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