21 Jul 2015
WTI retreats from $51.00
FXStreet (Edinburgh) - After hitting session tops around the $51.00 mark, the barrel of West Texas Intermediate has now returned to the mid-$50.00s.
WTI firmer on offered dollar
The softer tone in the greenback has allowed today’s recovery in crude oil prices, advancing for the first time after four straight sessions in red.
While concerns over the current supply glut remain far from abated, expectations of a drop in tomorrow’s EIA report on crude inventories could be collaborating with today’s upside.
WTI levels to watch
At the moment WTI is up 0.74% at $50.75 with the next resistance at $52.54 (high Jul.16) followed by $53.94 (high Jul.15) and then $54.35 (high Jul.10). On the flip side, a breakdown of $49.47 (low Apr.6) would aim for $48.11 (low Apr.2) and finally $47.05 (low Apr.1).
WTI firmer on offered dollar
The softer tone in the greenback has allowed today’s recovery in crude oil prices, advancing for the first time after four straight sessions in red.
While concerns over the current supply glut remain far from abated, expectations of a drop in tomorrow’s EIA report on crude inventories could be collaborating with today’s upside.
WTI levels to watch
At the moment WTI is up 0.74% at $50.75 with the next resistance at $52.54 (high Jul.16) followed by $53.94 (high Jul.15) and then $54.35 (high Jul.10). On the flip side, a breakdown of $49.47 (low Apr.6) would aim for $48.11 (low Apr.2) and finally $47.05 (low Apr.1).