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8 May 2015
WTI remains below $60.00
FXStreet (Edinburgh) - The barrel of West Texas Intermediate is looking to close its eighth consecutive week with gains, keeping the trade below the key $60.00 mark so far.
WTI limited by $60.00
Crude oil prices kept the narrow range today, although bulls could not surpass the key barrier at $60.00 so far.
In the meantime, traders remain vigilant on the developments from Iran regarding its nuclear talks and the situation in Yemen following Saudi Arabia air strikes. Adding to the geopolitical effervescence, the situation in Libya following the close of an important oil port by protesters remains fragile.
However, WTI would remain under pressure following the recent healthy print from US Non-farm Payrolls (225K in April), paving the way for a potential Fed’s hike in Q3 and hence some USD appreciation.
In the data space, driller Baker Hughes reported that US oil rigs in use decreased by 11 to 668.
WTI relevant levels
The barrel of WTI is up 0.64% at $59.33 with the next resistance at $61.31 (high May 7) followed by $62.58 (2015 high May 6) and then $63.03 (high Dec.8). On the downside, a breach of $58.14 (low May 8) would open the door to $56.84 (low Apr. 28) and finally $56.46 (low Apr.24).
WTI limited by $60.00
Crude oil prices kept the narrow range today, although bulls could not surpass the key barrier at $60.00 so far.
In the meantime, traders remain vigilant on the developments from Iran regarding its nuclear talks and the situation in Yemen following Saudi Arabia air strikes. Adding to the geopolitical effervescence, the situation in Libya following the close of an important oil port by protesters remains fragile.
However, WTI would remain under pressure following the recent healthy print from US Non-farm Payrolls (225K in April), paving the way for a potential Fed’s hike in Q3 and hence some USD appreciation.
In the data space, driller Baker Hughes reported that US oil rigs in use decreased by 11 to 668.
WTI relevant levels
The barrel of WTI is up 0.64% at $59.33 with the next resistance at $61.31 (high May 7) followed by $62.58 (2015 high May 6) and then $63.03 (high Dec.8). On the downside, a breach of $58.14 (low May 8) would open the door to $56.84 (low Apr. 28) and finally $56.46 (low Apr.24).