21 May 2015
WTI firmer, reclaims $61.00
FXStreet (Edinburgh) - The American benchmark for the light crude oil is sharply higher on Thursday, trading in session highs just below the $61.00 mark.
WTI up on China, softer dollar
The barrel of WTI is advancing beyond the critical $60.00 handle today in response to the poor Chinese and European results from the manufacturing and services PMIs for the current month, as market participants continues to factor in the likeliness of further stimulus by the PBoC.
The recent weekly drop in crude oil inventories reported by the EIA, rising jitters in the Middle East plus a softer tone in the greenback are all combining today to lift oil prices to weekly highs near $61.00.
WTI relevant levels
The barrel of West Texas Intermediate is advancing 2.75% at $60.61 with the next up barrier at $60.94 (high May 21) followed by $61.31 (high May 7) and then $61.85 (high May 13). On the downside, a breach of $56.54 (low Apr. 29) would aim for $56.07 (low Apr. 28) and finally $55.76 (low Apr. 23).
WTI up on China, softer dollar
The barrel of WTI is advancing beyond the critical $60.00 handle today in response to the poor Chinese and European results from the manufacturing and services PMIs for the current month, as market participants continues to factor in the likeliness of further stimulus by the PBoC.
The recent weekly drop in crude oil inventories reported by the EIA, rising jitters in the Middle East plus a softer tone in the greenback are all combining today to lift oil prices to weekly highs near $61.00.
WTI relevant levels
The barrel of West Texas Intermediate is advancing 2.75% at $60.61 with the next up barrier at $60.94 (high May 21) followed by $61.31 (high May 7) and then $61.85 (high May 13). On the downside, a breach of $56.54 (low Apr. 29) would aim for $56.07 (low Apr. 28) and finally $55.76 (low Apr. 23).