6 May 2015
WTI regains $61.00 and above
FXStreet (Edinburgh) - Crude oil prices continue its relentless march higher on Wednesday, now coming down from fresh ytd tops beyond the $62.00 mark in early trade.
WTI stronger on EIA, dollar, Libya
Another soft release in the US economy has accelerated the sell off in the US dollar, this time the ADP report showed that the US private sector created 169K jobs during April, below consensus at 200K. Adding to the upbeat tone, geopolitical jitters remain alive following the recent close of the Libyan oil port of Zueitina by protesters.
The barrel of WTI gathered further traction after the EIA reported an unexpected drop in crude oil inventories in the week ended on May 1. In fact, inventories decreased by 3.9 million barrels to 487 million barrels. It was the first drop after 17 weeks.
WTI relevant levels
The barrel of WTI is advancing 1.39% at $61.24 with the next up barrier at $62.58 (high May 6) followed $63.03 (high Dec.8) and then $66.84 (high Dec.5). On the downside, a break below $60.58 (low May 6) would open the door to $58.63 (low May 5) and finally $58.37 (low Apr.30).
WTI stronger on EIA, dollar, Libya
Another soft release in the US economy has accelerated the sell off in the US dollar, this time the ADP report showed that the US private sector created 169K jobs during April, below consensus at 200K. Adding to the upbeat tone, geopolitical jitters remain alive following the recent close of the Libyan oil port of Zueitina by protesters.
The barrel of WTI gathered further traction after the EIA reported an unexpected drop in crude oil inventories in the week ended on May 1. In fact, inventories decreased by 3.9 million barrels to 487 million barrels. It was the first drop after 17 weeks.
WTI relevant levels
The barrel of WTI is advancing 1.39% at $61.24 with the next up barrier at $62.58 (high May 6) followed $63.03 (high Dec.8) and then $66.84 (high Dec.5). On the downside, a break below $60.58 (low May 6) would open the door to $58.63 (low May 5) and finally $58.37 (low Apr.30).