24 Feb 2015
WTI firm around $50.00
FXStreet (Edinburgh) - The barrel of the American benchmark for the light crude oil is so far reverting the 3-session negative streak, gyrating around the critical $50.00 barrier.
WTI focus on EIA report
The barrel of WTI is inching higher following a softer tone from the greenback after Yellen’s semi-annual testimony, managing to clinch the $50.00 mark. In addition, the better tone in the risk sentiment in response to Greece reaching a deal with the Eurogroup is also collaborating with the upside.
In the meantime, markets remain vigilant on the EIA’s report on crude inventories due on Wednesday, following last week’s record high.
WTI key levels
The barrel of WTI is now up 1.05% at $49.97 with the next resistance at $52.72 (high Feb.19) ahead of $54.32 (high Feb.17) and then $55.05 (high Feb.3). On the flip side, a breach of $48.20 (low Feb.5) would expose $47.46 (low Feb.2) and finally $45.07 (low Jan.30).
WTI focus on EIA report
The barrel of WTI is inching higher following a softer tone from the greenback after Yellen’s semi-annual testimony, managing to clinch the $50.00 mark. In addition, the better tone in the risk sentiment in response to Greece reaching a deal with the Eurogroup is also collaborating with the upside.
In the meantime, markets remain vigilant on the EIA’s report on crude inventories due on Wednesday, following last week’s record high.
WTI key levels
The barrel of WTI is now up 1.05% at $49.97 with the next resistance at $52.72 (high Feb.19) ahead of $54.32 (high Feb.17) and then $55.05 (high Feb.3). On the flip side, a breach of $48.20 (low Feb.5) would expose $47.46 (low Feb.2) and finally $45.07 (low Jan.30).