12 Feb 2015
WTI retreats from highs
FXStreet (Edinburgh) - The barrel of West Texas Intermediate is returning to the $50.70/80 area after hitting session tops in the $51.20/40 band.
WTI paring losses
Crude oil prices are managing to advance after two consecutive pullbacks, looking to retake February peaks around the $54.00/bbl mark. The softer tone surrounding the US dollar is propping up the current upside, also sustained by the favourable sentiment towards the riskier assets and easing geopolitical concerns in the Russia-Ukraine front. On the opposite direction, the current supply glut in the US market continues to cap upside attempts.
In the data space, EIA announced on Wednesday that crude oil stocks came in at 4.868 million/barrels in the week ended on February 6th, surpassing the median at 3.733 million albeit lower than previous week’s 6.300 million.
WTI significant levels
At the moment the barrel of WTI is gaining 3.85% at $50.72 with the next resistance at $51.16 and then $51.57. On the flip side, the immediate support lies at $50.45 followed by $50.15.
WTI paring losses
Crude oil prices are managing to advance after two consecutive pullbacks, looking to retake February peaks around the $54.00/bbl mark. The softer tone surrounding the US dollar is propping up the current upside, also sustained by the favourable sentiment towards the riskier assets and easing geopolitical concerns in the Russia-Ukraine front. On the opposite direction, the current supply glut in the US market continues to cap upside attempts.
In the data space, EIA announced on Wednesday that crude oil stocks came in at 4.868 million/barrels in the week ended on February 6th, surpassing the median at 3.733 million albeit lower than previous week’s 6.300 million.
WTI significant levels
At the moment the barrel of WTI is gaining 3.85% at $50.72 with the next resistance at $51.16 and then $51.57. On the flip side, the immediate support lies at $50.45 followed by $50.15.