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20 Apr 2015
WTI climbs nearly 1.5%, Middle East tensions support
FXStreet (Mumbai) - WTI oil futures on the Nymex resumes its upside momentum, posing a solid start to a new week, boosted by another fall in the US rig count coupled with China stimulus measures.
WTI eyes USD 60/barrel
Currently, WTI trades nearly 1.50% higher at 58.19 levels, inching towards 2015 highs reached at 58.82 in the last week. Crude prices remained elevated supported by another fall in the US rig count. The number of US oil drilling rigs fell for to 734 in the week ending April 17, falling for a record 19th straight week and hitting the lowest level since 2010, oilfield services company Baker Hughes said on Friday.
More so, oil prices received additional boost after China’s central bank rolled out another stimulus on Sunday. China is the world's second largest oil consumer.
Moreover, the escalating conflict in Yemen is also supporting oil prices as traders are worried the fighting may disrupt crude deliveries from the region.
Oil Technical Levels
WTI oil has an immediate resistance which stands at 58.82 levels above which gains could be extended to 60 levels. Meanwhile, support is seen at 57 levels from here losses could be extended to 55 levels.
WTI eyes USD 60/barrel
Currently, WTI trades nearly 1.50% higher at 58.19 levels, inching towards 2015 highs reached at 58.82 in the last week. Crude prices remained elevated supported by another fall in the US rig count. The number of US oil drilling rigs fell for to 734 in the week ending April 17, falling for a record 19th straight week and hitting the lowest level since 2010, oilfield services company Baker Hughes said on Friday.
More so, oil prices received additional boost after China’s central bank rolled out another stimulus on Sunday. China is the world's second largest oil consumer.
Moreover, the escalating conflict in Yemen is also supporting oil prices as traders are worried the fighting may disrupt crude deliveries from the region.
Oil Technical Levels
WTI oil has an immediate resistance which stands at 58.82 levels above which gains could be extended to 60 levels. Meanwhile, support is seen at 57 levels from here losses could be extended to 55 levels.