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4 Sep 2015
WTI challenges $ 46 ahead of NFP
FXStreet (Mumbai) - WTI oil on NYMEX slipped in to the negative territory on Friday, as markets unwind their positions heading to the most influential data of this week, the US payrolls data.
WTI struggles below $ 47
Currently, WTI trades nearly -1.24% lower at 46.19, capped below $ 47. US oil edged lower this session as oil traders shifted to the side lines ahead of US non-farm payrolls data that will be the major market mover at the end of a volatile week.
Meanwhile the trading volume remains muted as investors in China are off for the rest of this week due to public holidays.
Markets will closely watch the US employment data due later today for moves on the US dollar which may eventually influence the price direction for dollar-denominated assets such as oil, which react inversely to the currency.
Apart from the US labor data, investors will wait for the weekly report on US rig counts, conducted by oilfield-services company Baker Hughes.
WTI Oil Technical Levels
WTI oil has an immediate resistance which stands at 47 levels above which gains could be extended to 48.90 levels. Meanwhile, support is seen at 44.15 levels from here losses could be extended to 43.21 levels.
WTI struggles below $ 47
Currently, WTI trades nearly -1.24% lower at 46.19, capped below $ 47. US oil edged lower this session as oil traders shifted to the side lines ahead of US non-farm payrolls data that will be the major market mover at the end of a volatile week.
Meanwhile the trading volume remains muted as investors in China are off for the rest of this week due to public holidays.
Markets will closely watch the US employment data due later today for moves on the US dollar which may eventually influence the price direction for dollar-denominated assets such as oil, which react inversely to the currency.
Apart from the US labor data, investors will wait for the weekly report on US rig counts, conducted by oilfield-services company Baker Hughes.
WTI Oil Technical Levels
WTI oil has an immediate resistance which stands at 47 levels above which gains could be extended to 48.90 levels. Meanwhile, support is seen at 44.15 levels from here losses could be extended to 43.21 levels.