26 May 2015
WTI drops to lows sub-$58.00
FXStreet (Edinburgh) - The price of the barrel of West Texas Intermediate has come under pressure on Tuesday, now testing intraday lows in the $57.80 area.
WTI weaker on dollar
The strong advance of the US dollar today has dragged the barrel of WTI from opening levels near the critical $60.00 handle to the current lower bound of the daily range around $57.80.
Positive results from the US calendar today has been supportive of further strength in the greenback and thus impacting on the USD-denominated assets, relegating WTI to trade back to levels last seen a week ago.
In the near term, crude oil prices will be looking to the EIA weekly report on crude oil inventories (Wednesday) and the OPEC meeting on June 5th, all against the backdrop of increasing expectations for a rates lift-off triggered by hawkish comments by J.Yellen and S.Fischer.
WTI relevant levels
The barrel of WTI is losing 3.32% at $57.74 with the immediate support at $56.54 (low Apr. 29) and finally $56.07 (low Apr. 28). On the upside, a surpass of $60.94 (high May 21) would expose $61.31 (high May 7) and then $61.85 (high May 13).
WTI weaker on dollar
The strong advance of the US dollar today has dragged the barrel of WTI from opening levels near the critical $60.00 handle to the current lower bound of the daily range around $57.80.
Positive results from the US calendar today has been supportive of further strength in the greenback and thus impacting on the USD-denominated assets, relegating WTI to trade back to levels last seen a week ago.
In the near term, crude oil prices will be looking to the EIA weekly report on crude oil inventories (Wednesday) and the OPEC meeting on June 5th, all against the backdrop of increasing expectations for a rates lift-off triggered by hawkish comments by J.Yellen and S.Fischer.
WTI relevant levels
The barrel of WTI is losing 3.32% at $57.74 with the immediate support at $56.54 (low Apr. 29) and finally $56.07 (low Apr. 28). On the upside, a surpass of $60.94 (high May 21) would expose $61.31 (high May 7) and then $61.85 (high May 13).