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14 May 2015
WTI retreats below $60.00
FXStreet (Edinburgh) - The barrel of the American benchmark for the light crude oil is giving away part of recent gains and is now trading in sub-$60.00 levels.
WTI lower on supply glut concerns
Despite yesterday’s report by the EIA pointing to another drop of crude oil inventories in the last week, market participants remain concerned in light of the increasing oil production in the US. In addition, jitters on the consequences for the oil market in case Iran got its sanctions lifted keep hovering over investors, despite recent appreciations by Iranian officials.
Furthermore, today’s recovery of the US dollar is adding further downside pressure on crude oil prices, which keep correcting higher after recent fresh ytd tops above the $62.00 mark.
WTI relevant levels
The barrel of WTI is down 1.29% at $59.72 with the next support at $59.46 (low May 14) ahead of $59.09 (low May 7) en route to $58.63 (low May 5). On the upside, a breakout of $60.84 (high May 14) would aim for $61.31 (high May 7) followed by $61.85 (high May 13).
WTI lower on supply glut concerns
Despite yesterday’s report by the EIA pointing to another drop of crude oil inventories in the last week, market participants remain concerned in light of the increasing oil production in the US. In addition, jitters on the consequences for the oil market in case Iran got its sanctions lifted keep hovering over investors, despite recent appreciations by Iranian officials.
Furthermore, today’s recovery of the US dollar is adding further downside pressure on crude oil prices, which keep correcting higher after recent fresh ytd tops above the $62.00 mark.
WTI relevant levels
The barrel of WTI is down 1.29% at $59.72 with the next support at $59.46 (low May 14) ahead of $59.09 (low May 7) en route to $58.63 (low May 5). On the upside, a breakout of $60.84 (high May 14) would aim for $61.31 (high May 7) followed by $61.85 (high May 13).