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17 Apr 2015
WTI clinging to $56.00
FXStreet (Edinburgh) - The barrel of West Texas Intermediate is posting marginal losses on Friday, although remains close to the key $56.00 mark.
WTI keeps 2015 highs
The WTI is extending its positive streak to six weeks, currently advancing more than 9% since Monday’s open around $51.70. The recent less than expected increase in crude oil reserve - according to the last EIA weekly report - plus the persistent drop in US oil rigs in use could be indicative of a potential drop in the US oil production and the consequent lift in prices.
Furthermore, the prevailing offered tone around the US dollar since Monday has also acted as a strong driver for the WTI’s weekly upside.
WTI relevant levels
The barrel of WTI is now losing 1.11% at $56.08 with the next support at $50.63 (low Apr.9) ahead of $49.57 (low Apr.5) and then $48.09 (low Apr.2). On the other direction, a break above $58.38 (high Dec.19) would open the door to $59.53 (high Dec.12) ahead of $66.84 (high Dec.5).
WTI keeps 2015 highs
The WTI is extending its positive streak to six weeks, currently advancing more than 9% since Monday’s open around $51.70. The recent less than expected increase in crude oil reserve - according to the last EIA weekly report - plus the persistent drop in US oil rigs in use could be indicative of a potential drop in the US oil production and the consequent lift in prices.
Furthermore, the prevailing offered tone around the US dollar since Monday has also acted as a strong driver for the WTI’s weekly upside.
WTI relevant levels
The barrel of WTI is now losing 1.11% at $56.08 with the next support at $50.63 (low Apr.9) ahead of $49.57 (low Apr.5) and then $48.09 (low Apr.2). On the other direction, a break above $58.38 (high Dec.19) would open the door to $59.53 (high Dec.12) ahead of $66.84 (high Dec.5).