6 Jul 2015
WTI off 3-months lows, near $ 55
FXStreet (Mumbai) - WTI oil futures on the Nymex was received a double blow in the Asian morning as the US dollar kept gains across the board on Greek referendum while fears over the global supply glut continue to hit traders' mood.
WTI retraces 3-month lows
Currently, WTI trades -0.75% lower at 55.11, moving away from fresh 3-month lows posted at 54.55 in overnight trades. Oil prices remains in red as traders preferred the greenback amid risk-off sentiments after the Greek referendum fuelled Grexit fears.
While oil prices remain pressured amid ongoing oversupply worries. On Thursday, oilfield service company Baker Hughes added to further worries by saying the number of US rigs rose by 12 to 640, the first increase since mid-December.
Moreover, OPEC's output expanded in June to the highest level since August 2012 as Iraq and Saudi Arabia pumped at a record pace.
Crude oil also took a hit last week, after the Energy Information Administration said crude inventories in the US rose 2.4 million barrels in the week to June 26, the first weekly build since late April. That surprised traders as the market had expected about a 2.5 million barrel drop.
Technical Levels
WTI oil has an immediate resistance which stands at 56 levels above which gains could be extended to 56.78 levels. Meanwhile, support is seen at 54.55 levels from here losses could be extended to 53 levels.
WTI retraces 3-month lows
Currently, WTI trades -0.75% lower at 55.11, moving away from fresh 3-month lows posted at 54.55 in overnight trades. Oil prices remains in red as traders preferred the greenback amid risk-off sentiments after the Greek referendum fuelled Grexit fears.
While oil prices remain pressured amid ongoing oversupply worries. On Thursday, oilfield service company Baker Hughes added to further worries by saying the number of US rigs rose by 12 to 640, the first increase since mid-December.
Moreover, OPEC's output expanded in June to the highest level since August 2012 as Iraq and Saudi Arabia pumped at a record pace.
Crude oil also took a hit last week, after the Energy Information Administration said crude inventories in the US rose 2.4 million barrels in the week to June 26, the first weekly build since late April. That surprised traders as the market had expected about a 2.5 million barrel drop.
Technical Levels
WTI oil has an immediate resistance which stands at 56 levels above which gains could be extended to 56.78 levels. Meanwhile, support is seen at 54.55 levels from here losses could be extended to 53 levels.