27 Apr 2015
WTI consolidating around $57.20
FXStreet (Edinburgh) - The barrel of the American benchmark for the light crude oil is now navigating the middle of the intraday range around $57.20.
WTI down from 2015 peaks
After hitting fresh 2015 tops above the $58.00 mark last week, the barrel of WTI is now retracing some ground despite the current pullback in the US dollar.
In the meantime, a cautious tone seems to prevail amongst oil traders at the beginning of the week, ahead of the FOMC meeting and the weekly report on inventories by the EIA due on Wednesday.
The WTI is trading almost unchanged for the day, looking to extend the current 6-week positive streak from multi-year lows around $42.00 in late March.
WTI relevant levels
The barrel of WTI is now up 0.12% at $57.22 and a break above $58.32 (2015 high Apr.23) would open the door to $59.53 (high Dec.12) and finally $61.34 (high Dec.10). On the downside, the initial support lines up at $55.76 (low Apr.23) ahead of $54.85 (low Apr.20) and then $50.63 (low Apr.9).
WTI down from 2015 peaks
After hitting fresh 2015 tops above the $58.00 mark last week, the barrel of WTI is now retracing some ground despite the current pullback in the US dollar.
In the meantime, a cautious tone seems to prevail amongst oil traders at the beginning of the week, ahead of the FOMC meeting and the weekly report on inventories by the EIA due on Wednesday.
The WTI is trading almost unchanged for the day, looking to extend the current 6-week positive streak from multi-year lows around $42.00 in late March.
WTI relevant levels
The barrel of WTI is now up 0.12% at $57.22 and a break above $58.32 (2015 high Apr.23) would open the door to $59.53 (high Dec.12) and finally $61.34 (high Dec.10). On the downside, the initial support lines up at $55.76 (low Apr.23) ahead of $54.85 (low Apr.20) and then $50.63 (low Apr.9).