8 May 2015
WTI subdued on stronger USD
FXStreet (Mumbai) - WTI oil futures on the Nymex continues its downslide after falling nearly 3% yesterday after a solid comeback in the greenback on upbeat US data pushed oil prices lower.
WTI supported at $58
Currently, WTI trades -0.35% lower at 58.75, retreating from 59.10 session highs. Crude extended losses as the US dollar resumes its upward moves riding higher on the back of favourable US unemployment claims data. Rising US dollar makes dollar-denominated commodities like oil more expensive for holders of other currencies.
Moreover, weak China trade data also adds to the bearish bias in oil prices after China's trade surplus expanded to $34.1 billion in April from $3.1 billion in March, with exports falling 6.1% year-on-year and imports were down 16.2%.
Meanwhile, markets now turn their attention towards the most influential US non-farm payrolls data which may provide fresh cues on US dollar moves, eventually impacting oil prices.
Technical Levels
WTI oil has an immediate resistance which stands at 60 levels above which gains could be extended to 61.50 levels. Meanwhile, support is seen at 58 levels from here losses could be extended to 56 levels.
WTI supported at $58
Currently, WTI trades -0.35% lower at 58.75, retreating from 59.10 session highs. Crude extended losses as the US dollar resumes its upward moves riding higher on the back of favourable US unemployment claims data. Rising US dollar makes dollar-denominated commodities like oil more expensive for holders of other currencies.
Moreover, weak China trade data also adds to the bearish bias in oil prices after China's trade surplus expanded to $34.1 billion in April from $3.1 billion in March, with exports falling 6.1% year-on-year and imports were down 16.2%.
Meanwhile, markets now turn their attention towards the most influential US non-farm payrolls data which may provide fresh cues on US dollar moves, eventually impacting oil prices.
Technical Levels
WTI oil has an immediate resistance which stands at 60 levels above which gains could be extended to 61.50 levels. Meanwhile, support is seen at 58 levels from here losses could be extended to 56 levels.