30 Apr 2015
WTI off 2015 highs, around $59.20
FXStreet (Edinburgh) - The barrel of West Texas Intermediate is extending its upside momentum on Thursday, now shedding some gains after climbing to $59.40, 2015 peaks.
WTI firmer as supply concerns ease
WTI is posting the largest monthly advance since 2009. Today’s upside is following hopes that the current supply glut could be reversed (or diminished) as the US storage hub reported the first decline in inventories since November.
Traders are also taking into account the persistent drop in US oil rigs in use, expecting a slowdown in the US production at some point in the medium term.
By the same token, the weakness around the US dollar continues to give extra legs to the barrel of WTI, which keeps approaching to the critical $60.00 mark.
WTI relevant levels
The barrel of WTI is now up 1.09% at $59.22 and a break above $59.40 (high Apr.30) would aim for $59.53 (high Dec.12) and finally $61.34 (high Dec.10). On the downside, the initial support lines up at $58.37 (low Apr.30) ahead of $56.07 (low Apr.28) and finally $55.76 (low Apr.23).
WTI firmer as supply concerns ease
WTI is posting the largest monthly advance since 2009. Today’s upside is following hopes that the current supply glut could be reversed (or diminished) as the US storage hub reported the first decline in inventories since November.
Traders are also taking into account the persistent drop in US oil rigs in use, expecting a slowdown in the US production at some point in the medium term.
By the same token, the weakness around the US dollar continues to give extra legs to the barrel of WTI, which keeps approaching to the critical $60.00 mark.
WTI relevant levels
The barrel of WTI is now up 1.09% at $59.22 and a break above $59.40 (high Apr.30) would aim for $59.53 (high Dec.12) and finally $61.34 (high Dec.10). On the downside, the initial support lines up at $58.37 (low Apr.30) ahead of $56.07 (low Apr.28) and finally $55.76 (low Apr.23).