1 May 2015
WTI back below $59.00
FXStreet (Edinburgh) - The barrel of WTI is gave away some of the recent gains on Friday, dropping to sub-$59.00 levels.
WTI back from 2015 tops
Crude oil prices seem to be taking a breather after the significant gains during April, returning around the $59.00 mark after reaching fresh 2015 tops near the critical $60.00 handle in early trade.
News that Iraq exports hit the highest level in 30 years (near 3.1 million barrels/day) hurt the sentiment and is also collaborating with today’s downside. Still in the Middle East, Saudi Arabia’s oil rigs climbed to record highs while driller Baker Hughes reported that US oil rigs in use decreased by 24 to 679 in the last week.
WTI relevant levels
The barrel of WTI lost 1.58% at $58.69 with the initial support at $58.37 (low Apr.30) ahead of $56.07 (low Apr.28) and finally $55.76 (low Apr.23). On the upside, a surpass of $59.90 (high May 1) would open the door to $61.34 (high Dec.10).
WTI back from 2015 tops
Crude oil prices seem to be taking a breather after the significant gains during April, returning around the $59.00 mark after reaching fresh 2015 tops near the critical $60.00 handle in early trade.
News that Iraq exports hit the highest level in 30 years (near 3.1 million barrels/day) hurt the sentiment and is also collaborating with today’s downside. Still in the Middle East, Saudi Arabia’s oil rigs climbed to record highs while driller Baker Hughes reported that US oil rigs in use decreased by 24 to 679 in the last week.
WTI relevant levels
The barrel of WTI lost 1.58% at $58.69 with the initial support at $58.37 (low Apr.30) ahead of $56.07 (low Apr.28) and finally $55.76 (low Apr.23). On the upside, a surpass of $59.90 (high May 1) would open the door to $61.34 (high Dec.10).