15 Jul 2015
WTI weaker near $51.60
FXStreet (Edinburgh) - The barrel of WTI is dropping more than 2% on Wednesday, returning to recent lows in the mid-51.00s.
WTI weaker on USD, Iran
The renewed demand for the US dollar following a hawkish testimony by Chairwoman Janet Yellen today is taking a toll on crude oil prices, reverting yesterday’s gains and relegating WTI to fresh lows near $51.60.
In the same direction, market participants remain wary about the recent Iran-West deal, which could surely see the oil supply glut aggravated after Iran sees its sanctions lifted.
WTI levels to watch
At the moment WTI is down 2.49% at 51.72 with the next support at $50.58 (low Jul.7) followed by $49.47 (low Apr.6) and finally $48.11 (low Apr.2). On the other hand, a breakout of $56.78 (high Jul.3) would aim for $57.95 (high Jul.2) and then $58.98 (high Jul.1).
WTI weaker on USD, Iran
The renewed demand for the US dollar following a hawkish testimony by Chairwoman Janet Yellen today is taking a toll on crude oil prices, reverting yesterday’s gains and relegating WTI to fresh lows near $51.60.
In the same direction, market participants remain wary about the recent Iran-West deal, which could surely see the oil supply glut aggravated after Iran sees its sanctions lifted.
WTI levels to watch
At the moment WTI is down 2.49% at 51.72 with the next support at $50.58 (low Jul.7) followed by $49.47 (low Apr.6) and finally $48.11 (low Apr.2). On the other hand, a breakout of $56.78 (high Jul.3) would aim for $57.95 (high Jul.2) and then $58.98 (high Jul.1).