7 May 2015
WTI testing lows sub-$60.00
FXStreet (Edinburgh) - The barrel of the American benchmark for the light crude oil is extending the drop from recent highs beyond $62.00/bbl on Thursday.
WTI worried about Iran
Market participants remain vigilant on headlines from the nuclear talks between Iran and six world’s powers. Prospects of an agreement by end of June could potentially see Iran’s sanctions lifted, allowing the Middle East oil-producer country to resume its production, exerting downside pressure on prices as a consequence.
In the same tone, prices could be under pressure as US oil production could resume its upside following the recent drop in inventories after 17 consecutive weeks of gains.
WTI relevant levels
The barrel of WTI is losing 1.35% at $59.58 with the immediate support at $59.09 (low May 7) ahead of $58.63 (low May 5) and finally $58.37 (low Apr.30). On the other direction, a breakout of $61.31 (high May 7) would aim for $62.58 (2015 high May 6) and then $63.03 (high Dec.8).
WTI worried about Iran
Market participants remain vigilant on headlines from the nuclear talks between Iran and six world’s powers. Prospects of an agreement by end of June could potentially see Iran’s sanctions lifted, allowing the Middle East oil-producer country to resume its production, exerting downside pressure on prices as a consequence.
In the same tone, prices could be under pressure as US oil production could resume its upside following the recent drop in inventories after 17 consecutive weeks of gains.
WTI relevant levels
The barrel of WTI is losing 1.35% at $59.58 with the immediate support at $59.09 (low May 7) ahead of $58.63 (low May 5) and finally $58.37 (low Apr.30). On the other direction, a breakout of $61.31 (high May 7) would aim for $62.58 (2015 high May 6) and then $63.03 (high Dec.8).