26 May 2015
WTI strives for $60, stronger USD weighs
FXStreet (Mumbai) - WTI oil futures on the Nymex traded modestly flat ahead of Europe open, extending upbeat momentum from the previous session, with traders seeking fresh market drivers as Europe and US re-opens after the holiday.
WTI back below $60
Currently, WTI trades 0.29% higher at 59.89, having faced rejection at 60 barrier. Oil prices holds moderate gains this session, although the upside remains capped by rising US dollar across the board.
Meanwhile, the US dollar index trades 0.33% higher today at 96.78, pushing dollar-priced commodities lower as it makes them expensive for traders holding other currencies.
In the day ahead, as US investors are back at work, the US currency is expected to be influenced by a set of macroeconomic reports scheduled for the day.
Technical Levels
WTI oil has an immediate resistance which stands at 62 levels above which gains could be extended to 63.50 levels. Meanwhile, support is seen at 58 levels from here losses could be extended to 56.50 levels.
WTI back below $60
Currently, WTI trades 0.29% higher at 59.89, having faced rejection at 60 barrier. Oil prices holds moderate gains this session, although the upside remains capped by rising US dollar across the board.
Meanwhile, the US dollar index trades 0.33% higher today at 96.78, pushing dollar-priced commodities lower as it makes them expensive for traders holding other currencies.
In the day ahead, as US investors are back at work, the US currency is expected to be influenced by a set of macroeconomic reports scheduled for the day.
Technical Levels
WTI oil has an immediate resistance which stands at 62 levels above which gains could be extended to 63.50 levels. Meanwhile, support is seen at 58 levels from here losses could be extended to 56.50 levels.