US crude exports rise

WTI oil continues falling and breaks below the 50.00 level after it was published that the US oil exports have risen to an all-time high of two million barrels per day. The prices of WTI oil has been pressure to the downside due to a rise in US production, while Brent oil that trades in Europe has been supported by the production cuts that OPEC has put in place. That was prompted oil buyers to prefer WTI oil over Brent, because it is cheaper and at the same time, the US oil companies have been exporting more oil to meet the demand. On the daily chart of WTI oil we can see that the price may continue falling to the 49.00 level, where we can also find the 55 day EMA. The 200 day EMA (blue line), may also act as a support. To the upside, the 51.00 level, the 52.00 level, or the 53.00 level may act as resistance.