7 Apr 2015
WTI advances further beyond $53.00
FXStreet (Edinburgh) - The barrel of the American benchmark for the light crude oil is prolonging the upside momentum on Tuesday, surpassing the key $53.00 handle.
WTI in multi-week peaks
Crude oil prices are climbing to levels last seen in mid-February around $53.70, advancing more than 3% and adding to Monday’s strong gains. Prices managed to revert the initial knee-jerk and resumed the ascent despite the good performance of the US Dollar.
Market participants will now focus on the API report due later on Tuesday and the EIA weekly report on inventories to be published tomorrow.
WTI levels to watch
The barrel of WTI is now advancing 2.82% at $53.61 with the initial up barrier at $54.85 (high Jan.2) ahead of $56.56 (high Dec.26) and finally $57.12 (high Dec.24). On the flip side, a breakdown of $51.15 (low Apr.7) would aim for $49.57 (low Apr.5) and then $48.09 (low Apr.2).
WTI in multi-week peaks
Crude oil prices are climbing to levels last seen in mid-February around $53.70, advancing more than 3% and adding to Monday’s strong gains. Prices managed to revert the initial knee-jerk and resumed the ascent despite the good performance of the US Dollar.
Market participants will now focus on the API report due later on Tuesday and the EIA weekly report on inventories to be published tomorrow.
WTI levels to watch
The barrel of WTI is now advancing 2.82% at $53.61 with the initial up barrier at $54.85 (high Jan.2) ahead of $56.56 (high Dec.26) and finally $57.12 (high Dec.24). On the flip side, a breakdown of $51.15 (low Apr.7) would aim for $49.57 (low Apr.5) and then $48.09 (low Apr.2).