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20 May 2015
WTI inching higher, eyes on $59.00
FXStreet (Edinburgh) - The barrel of the WTI is advancing modestly on Wednesday, trading just below session tops in the $58.80/85 band.
WTI firmer on decreasing inventories
Crude oil prices are managing to remain in the positive territory bolstered by the drop of 2.7 million barrels in crude inventories during the week ended on May 15, according to the report by the EIA. However, US output remained unchanged from the previous week, leaving concerns of a US supply glut intact.
Furthermore, the firm tone in the greenback plus potential supply disruptions in the Middle East seem to be limiting the upside to levels just above the $59.00 mark.
WTI relevant levels
The barrel of West Texas Intermediate is advancing 1.41% at $58.81 with the next up barrier at $60.84 (high May 14) followed by $61.31 (high May 7) and then $61.85 (high May 13). On the downside, a breach of $56.54 (low Apr. 29) would aim for $56.07 (low Apr. 28) and finally $55.76 (low Apr. 23).
WTI firmer on decreasing inventories
Crude oil prices are managing to remain in the positive territory bolstered by the drop of 2.7 million barrels in crude inventories during the week ended on May 15, according to the report by the EIA. However, US output remained unchanged from the previous week, leaving concerns of a US supply glut intact.
Furthermore, the firm tone in the greenback plus potential supply disruptions in the Middle East seem to be limiting the upside to levels just above the $59.00 mark.
WTI relevant levels
The barrel of West Texas Intermediate is advancing 1.41% at $58.81 with the next up barrier at $60.84 (high May 14) followed by $61.31 (high May 7) and then $61.85 (high May 13). On the downside, a breach of $56.54 (low Apr. 29) would aim for $56.07 (low Apr. 28) and finally $55.76 (low Apr. 23).