13 May 2015
WTI firm near $61.00
FXStreet (Edinburgh) - The barrel of West Texas Intermediate is extending its winning streak this week, now trading around $61.30.
WTI supported at $60.00
The upbeat momentum in crude oil prices continue to be propped up mainly by the offered tone around the US dollar, today climbing as high as the $61.80 level and consolidating at the same time the recent break above the critical $60.00 mark.
The EIA’s report on crude oil inventories posted its second weekly drop, this time by 2.2 million barrels to 484.8 million barrels in the week ended on May 8th. Despite the drop in inventories, market participants remain concerned about the global supply glut, in particular following recent comments that Saudi Arabia produced more than 10 million barrels/day during April.
WTI relevant levels
The barrel of WTI is up 0.36% at $60.97 with the immediate resistance at $61.31 (high May 7) followed by $61.85 (high May 13) and finally $62.58 (2015 high May 6). On the flip side, a breakdown of $60.58 (low May 13) would target $59.09 (low May 7) en route to $58.63 (low May 5).
WTI supported at $60.00
The upbeat momentum in crude oil prices continue to be propped up mainly by the offered tone around the US dollar, today climbing as high as the $61.80 level and consolidating at the same time the recent break above the critical $60.00 mark.
The EIA’s report on crude oil inventories posted its second weekly drop, this time by 2.2 million barrels to 484.8 million barrels in the week ended on May 8th. Despite the drop in inventories, market participants remain concerned about the global supply glut, in particular following recent comments that Saudi Arabia produced more than 10 million barrels/day during April.
WTI relevant levels
The barrel of WTI is up 0.36% at $60.97 with the immediate resistance at $61.31 (high May 7) followed by $61.85 (high May 13) and finally $62.58 (2015 high May 6). On the flip side, a breakdown of $60.58 (low May 13) would target $59.09 (low May 7) en route to $58.63 (low May 5).