Crude Oil: WTI Stays Subdued As Bears Snap Towards $13 in Oversupply

Updated:

Checkmark

Service for copy trading.

Checkmark

High profitable signals.

Checkmark

24/7 cryptocurrency trading.

Checkmark

10 minute setup with significant benefits.

Checkmark

79% Success rate.

Checkmark

Up to 40 trades per month.

Checkmark

Monthly subscriptions begin at £58.

USDWTI Price Analysis – April 27

Oil prices started on a sour note in the last week of April, dropping over 8 percent during Monday’s session on sustained over-supply fears. A barrel of the North American benchmark, West Texas Intermediate (WTI), is losing value close to $14.50 level, marking an 8.85 percent decline on the day.

Key Levels
Resistance Levels: $21.34, $20.08, $18.52
Support Levels: $13.43, $10.20, $6.45

USDWTI Long term Trend: Bearish

The moving average of 5 and a multi-day sliding trendline, around $18.52 and $20.08 levels simultaneously, tend to barricade the potential upside to the oil benchmark. While level $10.20 stays on the watchlist of the bears throughout the ongoing price falls.

After demonstrating three days in a row of reversals, June’s WTI futures decline 8 percent to a level of $14.50 before continuing into Monday’s European open. Producers will temporarily shut down the supply to balance the lack of demand which may cause more market instability as price swings to the downside before supply equals demand.

USDWTI Short term Trend: Bearish

WTI price action is currently trading at a $14.50 level beyond the near-term lower end of the range at $13.43 level. With the upward level of resistance shown at $18.52 in the near term, analysts expect prices to trade within that range.

On the upside, a break beyond $18.52 level would see oil prices challenging the $20.08 psychological level of resistance. Prices are somewhat likely to stay subdued in the short term and risk selling pressure, particularly with the storage concerns now lingering.

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.