18 Jun 2015
WTI regains $60.00 and beyond
FXStreet (Edinburgh) - The barrel of West Texas Intermediate is reverting yesterday’s pullback, managing to rebound from lows near $59.20 to the current mid-$60.00s.
WTI advances on weaker dollar
The irruption of the selling interest around the greenback following the FOMC meeting has sparked the current upside in the USD-denominated assets, although gains in the WTI have been limited around the $61.00 handle so far.
Despite the ongoing upside, crude oil prices remain unable to stage a more sustainable up trend in spite of another drop in crude oil inventories and the persistent decrease in US oil rigs count. The firm US output and some exhaustion in prices, as cited by experts, remain the main headwinds for a more solid bullish attempt.
WTI relevant levels
WTI is now gaining 0.80% at $60.40 facing the next hurdle at $61.83 (high Jun.2) followed by $61.91 (high Jun.11) and finally $62.22 (high Jun.10). On the flip side, a breakdown of $59.34 (low Jun.17) would aim for $59.19 (low Jun.15) and then $58.70 (low Jun.9).
WTI advances on weaker dollar
The irruption of the selling interest around the greenback following the FOMC meeting has sparked the current upside in the USD-denominated assets, although gains in the WTI have been limited around the $61.00 handle so far.
Despite the ongoing upside, crude oil prices remain unable to stage a more sustainable up trend in spite of another drop in crude oil inventories and the persistent decrease in US oil rigs count. The firm US output and some exhaustion in prices, as cited by experts, remain the main headwinds for a more solid bullish attempt.
WTI relevant levels
WTI is now gaining 0.80% at $60.40 facing the next hurdle at $61.83 (high Jun.2) followed by $61.91 (high Jun.11) and finally $62.22 (high Jun.10). On the flip side, a breakdown of $59.34 (low Jun.17) would aim for $59.19 (low Jun.15) and then $58.70 (low Jun.9).