8 Jun 2015
WTI challenges lows near $58.00
FXStreet (Edinburgh) - The barrel of the American benchmark for the light crude oil is extending its daily decline on Monday, now visiting session lows around the $58.00 mark.
WTI weaker on China, OPEC
Last week’s decision by the OPEC to keep unchanged its output at 30 million barrels/day keeps weighing over market sentiment while the recently reported slump in Chinese imports of crude oil adds fuel to the fire.
The barrel of WTI slipped to session lows in the $58.00 neighbourhood, unable to pick up pace in spite of the sell off in the US dollar.
It will be a key week in the data space for oil traders, as the EIA will publish its monthly energy outlook tomorrow, OPEC will release its oil report on Wednesday and the IEA on Thursday.
WTI key levels
The barrel of WTI is retreating 2.08% at $57.90 with the immediate support at $57.83 (low Jun.4) ahead of $57.72 (low May 29) and then $56.51 (low May 28). On the upside, a surpass of $59.13 (high Jun.8) would aim for $61.71 (high May 18) and finally $61.80 (high May 14).
WTI weaker on China, OPEC
Last week’s decision by the OPEC to keep unchanged its output at 30 million barrels/day keeps weighing over market sentiment while the recently reported slump in Chinese imports of crude oil adds fuel to the fire.
The barrel of WTI slipped to session lows in the $58.00 neighbourhood, unable to pick up pace in spite of the sell off in the US dollar.
It will be a key week in the data space for oil traders, as the EIA will publish its monthly energy outlook tomorrow, OPEC will release its oil report on Wednesday and the IEA on Thursday.
WTI key levels
The barrel of WTI is retreating 2.08% at $57.90 with the immediate support at $57.83 (low Jun.4) ahead of $57.72 (low May 29) and then $56.51 (low May 28). On the upside, a surpass of $59.13 (high Jun.8) would aim for $61.71 (high May 18) and finally $61.80 (high May 14).