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9 Apr 2015
WTI consolidates above $51.00
FXStreet (Edinburgh) - The barrel of the American benchmark for the light crude oil is recovering part of yesterday’s drop, looking to sustain the break above the $51.00 mark.
WTI bounces off $50.00
After the deep sell off on Wednesday, crude oil prices are now trading near session highs above the $51.00 handle despite the context keeps favouring the greenback.
The barrel of WTI shrugged off the massive increase of crude oil inventories reported by the EIA yesterday, and it’s now deriving support from the comments by Iranian officials, who poured cold water regarding the completion of a deal with the P5+1.
WTI levels to watch
The barrel of WTI is now gaining 2.28% at $51.57 and a break above $53.14 (high Apr.8) would open the door to $54.85 (high Jan.2) ahead of $56.56 (high Dec.26). On the downside, the immediate support lies at $50.63 (low Apr.9) ahead of $49.57 (low Apr.5) and then $48.09 (low Apr.2).
WTI bounces off $50.00
After the deep sell off on Wednesday, crude oil prices are now trading near session highs above the $51.00 handle despite the context keeps favouring the greenback.
The barrel of WTI shrugged off the massive increase of crude oil inventories reported by the EIA yesterday, and it’s now deriving support from the comments by Iranian officials, who poured cold water regarding the completion of a deal with the P5+1.
WTI levels to watch
The barrel of WTI is now gaining 2.28% at $51.57 and a break above $53.14 (high Apr.8) would open the door to $54.85 (high Jan.2) ahead of $56.56 (high Dec.26). On the downside, the immediate support lies at $50.63 (low Apr.9) ahead of $49.57 (low Apr.5) and then $48.09 (low Apr.2).