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WTI bounces off $42.00

FXStreet (Edinburgh) - The barrel of West Texas Intermediate is extending the decline on Wednesday, currently trading in the mid-$42.00s ahead of the FOMC.

WTI hurt by inventories

Despite the current weakness around the greenback, ongoing concerns regarding the US supply glut continue to prevent crude oil prices from gathering any traction and take advantage of the lower dollar.

Adding to the downside, crude oil inventories increased by 9.6 million barrels to 458.5 million barrels in the week ended on March 13th, keeping levels in more than 80-year highs for this time of the year.

WTI key levels

The barrel of WTI is now retreating 2.14% at $42.53 and a drop below $42.03 (low Mar.18) would aim for $40.07 (monthly low Mar.2009) and then 34.03 (monthly low Feb. 2009). On the upside, the initial resistance lines up at $47.27 (high Mar.13) followed by $48.75 (high Mar.12) and finally $49.05 (high Mar.11).

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