Prices of the WTI remains side-lined below the $40.00 mark. Markit’s PMI, Powell’s testimony leaves the attention on the dollar. The weekly EIA’s report on inventories is coming up next. Prices of the WTI are alternating gains with losses below the key $40.00 mark per barrel on Wednesday. WTI looks to Powell, EIA The barrel of the West Texas Intermediate is hovering around the key 200-day SMA just below the key $40.00 mark following two consecutive daily pullbacks and amidst the moderate recovery in the greenback. Traders continue to look to the impact of the coronavirus pandemic on the global economy and in particular on the demand for the commodity. While demand outlook for crude oil remains fragile, the likeliness of selective lockdowns appears to have mitigated concerns in the industry somewhat. Also putting extra pressure on prices, Libya’s National Oil Corporation (NOC) is expected to resume the activity as well as exports of crude oil in oilfields and ports free of military presence (paramilitary and mercenary). The NOC expects production to increase to 260K bpd from the next week. Late on Tuesday, the API reported an unexpected 691K build in crude oil supplies during last week, which is also limiting the upside on Wednesday ahead of the EIA’s weekly report. Traders will also pay attention to the second testimony by Fed’s Powell before the House of Representatives and the release of Markit’s preliminary manufacturing and services PMIs, as a gauge of the sentiment surrounding the US economic recovery. WTI significant levels At the moment the barrel of WTI is gaining 0.47% at $39.92 and faces the next hurdle at $41.46 (weekly high Sep.18) seconded by $43.75 (monthly high Aug.26) and finally $48.64 (monthly high Mar.3). On the downside, a breach of $38.67 (weekly low Sep.21) would aim for $38.56 (100-day SMA) and then $36.15 (monthly low Sep.8). FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next UK’s Gove: Brexit transition period will not be extended FX Street 2 years Prices of the WTI remains side-lined below the $40.00 mark. Markit’s PMI, Powell’s testimony leaves the attention on the dollar. The weekly EIA’s report on inventories is coming up next. Prices of the WTI are alternating gains with losses below the key $40.00 mark per barrel on Wednesday. WTI looks to Powell, EIA The barrel of the West Texas Intermediate is hovering around the key 200-day SMA just below the key $40.00 mark following two consecutive daily pullbacks and amidst the moderate recovery in the greenback. Traders continue to look to the impact of the coronavirus pandemic on the global… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.