Back
16 Jun 2015
WTI crude sees moderate strength ahead of US inventory data
FXStreet (Mumbai) - Crude prices in the US advanced on Tuesday on hopes of another weekly drop in the US oil supplies.
WTI Crude: Rejected at 60.34 due to strong USD
The futures turned lower from the high of USD 60.34/barrel seen earlier today after the USD index ticked higher to 95.40 levels. The futures had advanced on hopes that the American Petroleum Institute today and the Energy Information Administration on Wednesday would report another drop in the weekly inventory data.
Ahead in the day, the movement in the USD index could influence the oil prices. Th Greek impasse could also weigh over the prices.
WTI Crude Technical Levels
The futures currently trade at USD 59.73/barrel. The immediate support is seen at 59.46, under which losses could be extended to its 50-DMA located at 59.12. On the flip side, a break above 60.34 could push the prices higher to 61.00.
WTI Crude: Rejected at 60.34 due to strong USD
The futures turned lower from the high of USD 60.34/barrel seen earlier today after the USD index ticked higher to 95.40 levels. The futures had advanced on hopes that the American Petroleum Institute today and the Energy Information Administration on Wednesday would report another drop in the weekly inventory data.
Ahead in the day, the movement in the USD index could influence the oil prices. Th Greek impasse could also weigh over the prices.
WTI Crude Technical Levels
The futures currently trade at USD 59.73/barrel. The immediate support is seen at 59.46, under which losses could be extended to its 50-DMA located at 59.12. On the flip side, a break above 60.34 could push the prices higher to 61.00.