16 Jun 2015
WTI cautious around $60.00
FXStreet (Edinburgh) - The barrel of West Texas Intermediate is advancing modestly on Tuesday, looking to close the day in the positive ground following four consecutive pullbacks.
WTI attention to inventories, FOMC
A cautious tone has been prevailing amongst traders throughout the session, following expectations that the Committee’s tone at tomorrow’s FOMC meeting might be tilted to the hawkish side, supporting further upside momentum in the US dollar.
In the data space, the weekly report on US inventories by the API is due later, followed by the more relevant report issued by the EIA tomorrow.
WTI levels to consider
The barrel of WTI is gaining 0.71% at $59.91 with the next resistance at $61.82 (high Jun.10) followed by $62.27 (high May 12) and then $62.40 (high May 7). On the other hand, a breakdown of $58.23 (low Jun.9) would aim for $57.83 (low Jun.4) and finally $57.72 (low May 29).
WTI attention to inventories, FOMC
A cautious tone has been prevailing amongst traders throughout the session, following expectations that the Committee’s tone at tomorrow’s FOMC meeting might be tilted to the hawkish side, supporting further upside momentum in the US dollar.
In the data space, the weekly report on US inventories by the API is due later, followed by the more relevant report issued by the EIA tomorrow.
WTI levels to consider
The barrel of WTI is gaining 0.71% at $59.91 with the next resistance at $61.82 (high Jun.10) followed by $62.27 (high May 12) and then $62.40 (high May 7). On the other hand, a breakdown of $58.23 (low Jun.9) would aim for $57.83 (low Jun.4) and finally $57.72 (low May 29).