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22 May 2015
WTI back below $60.00
FXStreet (Edinburgh) - The barrel of WTI has given away part of yesterday’s gains on Friday, albeit it has managed to clinch another weekly close in the positive territory.
WTI consolidating around $60
Crude oil prices continue to look for a stronger catalyst to define a clearer direction, while geopolitical risks in the Middle East, the USD dynamics, the timing of the Fed’s rate hike and concerns regarding the global supply glut remain as the main factors driving prices so far.
Data wise, the EIA has reported another drop in crude oil inventories during the last week while driller Baker Hughes has informed that US oil rigs in use has decreased by just 1 to 659.
WTI relevant levels
The barrel of West Texas Intermediate dropped 1.43% at $59.85 and a breach of $56.54 (low Apr. 29) would aim for $56.07 (low Apr. 28) and finally $55.76 (low Apr. 23). On the flip side, the initial up barrier aligns at $60.94 (high May 21) followed by $61.31 (high May 7) and then $61.85 (high May 13).
WTI consolidating around $60
Crude oil prices continue to look for a stronger catalyst to define a clearer direction, while geopolitical risks in the Middle East, the USD dynamics, the timing of the Fed’s rate hike and concerns regarding the global supply glut remain as the main factors driving prices so far.
Data wise, the EIA has reported another drop in crude oil inventories during the last week while driller Baker Hughes has informed that US oil rigs in use has decreased by just 1 to 659.
WTI relevant levels
The barrel of West Texas Intermediate dropped 1.43% at $59.85 and a breach of $56.54 (low Apr. 29) would aim for $56.07 (low Apr. 28) and finally $55.76 (low Apr. 23). On the flip side, the initial up barrier aligns at $60.94 (high May 21) followed by $61.31 (high May 7) and then $61.85 (high May 13).