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15 May 2015
WTI consolidates below $60.00
FXStreet (Edinburgh) - The barrel of WTI is extending its downside at the end of the week, currently hovering over the $59.90 area.
WTI struggling to close the week with gains
WTI is netting an even week so far with chances of snapping a 9-week positive streak. Crude oil prices still remain unable to break above the critical $60.00 handle on a more convincing basis, casting doubts over the sustainability of the upside at current levels.
Crude oil prices could not take advantage of the softer greenback today, while concerns over the global supply glut kept weighing on sentiment.
Data wise today, driller Baker Hughes reported US oil rigs in use decreased by 8 to 660 in the last week.
WTI relevant levels
The barrel of WTI is down 0.73% at $59.44 with the next support at $59.09 (low May 7) en route to $58.63 (low May 5) and then $58.42 (low May 15). 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 struggling to close the week with gains
WTI is netting an even week so far with chances of snapping a 9-week positive streak. Crude oil prices still remain unable to break above the critical $60.00 handle on a more convincing basis, casting doubts over the sustainability of the upside at current levels.
Crude oil prices could not take advantage of the softer greenback today, while concerns over the global supply glut kept weighing on sentiment.
Data wise today, driller Baker Hughes reported US oil rigs in use decreased by 8 to 660 in the last week.
WTI relevant levels
The barrel of WTI is down 0.73% at $59.44 with the next support at $59.09 (low May 7) en route to $58.63 (low May 5) and then $58.42 (low May 15). 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).