10 Jun 2015
WTI gearing up for $61.00
FXStreet (Edinburgh) - The barrel of the American benchmark for the light crude oil has trimmed part of its initial gains although is now approaching the $61.00 handle.
WTI mixed after OPEC, EIA
The softer tone in the greenback was relegated to a secondary role today, as crude oil traders remained vigilant on the OPEC report and the EIA weekly information on crude inventories.
The Organization of Petroleum Exporting Countries (OPEC) sees the current global supply glut to shrink albeit the cartel expects no additional demand for crude oil during the rest of the current year. On the EIA now, the agency reported another drop in crude inventories in the week ended on June 5th, this time by 6.8 million barrels; the output, however, ticked higher during the same week to 9.61 million barrels/day, leaving the markets with a bitter aftertaste.
WTI key levels
The barrel of WTI is advancing 1.28% at $60.95 with the initial hurdle at $61.82 (high Jun.10) ahead of $62.27 (high May 12) and finally $62.40 (high May 7). On the downside, a breach of $58.23 (low Jun.9) would open the door to $57.83 (low Jun.4) ahead of $57.72 (low May 29).
WTI mixed after OPEC, EIA
The softer tone in the greenback was relegated to a secondary role today, as crude oil traders remained vigilant on the OPEC report and the EIA weekly information on crude inventories.
The Organization of Petroleum Exporting Countries (OPEC) sees the current global supply glut to shrink albeit the cartel expects no additional demand for crude oil during the rest of the current year. On the EIA now, the agency reported another drop in crude inventories in the week ended on June 5th, this time by 6.8 million barrels; the output, however, ticked higher during the same week to 9.61 million barrels/day, leaving the markets with a bitter aftertaste.
WTI key levels
The barrel of WTI is advancing 1.28% at $60.95 with the initial hurdle at $61.82 (high Jun.10) ahead of $62.27 (high May 12) and finally $62.40 (high May 7). On the downside, a breach of $58.23 (low Jun.9) would open the door to $57.83 (low Jun.4) ahead of $57.72 (low May 29).