12 May 2015
WTI up above $60.00
FXStreet (Edinburgh) - The barrel of the American benchmark for the light crude oil is rallying more than 25 on Tuesday, currently hovering over the mid-$60.00s.
WTI challenges 2015 peaks
The barrel of WTI is now easing some ground after trading at shouting distance from last week’s fresh yearly tops during the European afternoon. The softer tone in the greenback plus geopolitical concerns stemming from Saudi Arabia’s air strikes against Yemen have been bolstering the upbeat tone around crude oil prices.
Collaborating with the upside, market participants expect the EIA to report another decrease in crude oil inventories tomorrow.
WTI relevant levels
The barrel of WTI is up 1.91% at $60.38 with the immediate resistance at $61.15 (high May 12) followed by $61.31 (high May 7) and finally $62.58 (2015 high May 6). On the flip side, a breakdown of $59.09 (low May 7) would aim for $58.63 (low May 5) and finally $58.37 (low Apr.30).
WTI challenges 2015 peaks
The barrel of WTI is now easing some ground after trading at shouting distance from last week’s fresh yearly tops during the European afternoon. The softer tone in the greenback plus geopolitical concerns stemming from Saudi Arabia’s air strikes against Yemen have been bolstering the upbeat tone around crude oil prices.
Collaborating with the upside, market participants expect the EIA to report another decrease in crude oil inventories tomorrow.
WTI relevant levels
The barrel of WTI is up 1.91% at $60.38 with the immediate resistance at $61.15 (high May 12) followed by $61.31 (high May 7) and finally $62.58 (2015 high May 6). On the flip side, a breakdown of $59.09 (low May 7) would aim for $58.63 (low May 5) and finally $58.37 (low Apr.30).