5 Jun 2015
WTI Crude falls to session low of USD 56.83/barrel
FXStreet (Mumbai) - Crude prices in the US fell to a session low of USD 56.83/barrel after the stellar monthly jobs report in the US pushed USD higher across the board, thereby making crude costlier in non-USD terms.
Strong USD weighs, OPEC meeting a non-event
The USD index shot higher 96.95 levels after the data showed the economy added substantially higher jobs in May. Consequently, front month crude futures turned lower from a high of USD 58.62/barrel.
Prices had rallied to USD 58.62 earlier today after the OPEC group left its daily production levels unchanged at 30 million barrels per day. The decision was widely expected and thus led to a short rally in prices.
WTI Crude Technical Levels
The futures currently trade at USD 57.24/barrel. The immediate resistance is located at 57.34, above which the futures could target 58.62. On the flip side, a break below 56.49 (May. 28 low) could see the futures drop to 55.71 (Apr. 22 low).
Strong USD weighs, OPEC meeting a non-event
The USD index shot higher 96.95 levels after the data showed the economy added substantially higher jobs in May. Consequently, front month crude futures turned lower from a high of USD 58.62/barrel.
Prices had rallied to USD 58.62 earlier today after the OPEC group left its daily production levels unchanged at 30 million barrels per day. The decision was widely expected and thus led to a short rally in prices.
WTI Crude Technical Levels
The futures currently trade at USD 57.24/barrel. The immediate resistance is located at 57.34, above which the futures could target 58.62. On the flip side, a break below 56.49 (May. 28 low) could see the futures drop to 55.71 (Apr. 22 low).