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22 May 2015
WTI in red below $ 61
FXStreet (Mumbai) - WTI oil futures on the Nymex stalled its upward trajectory and trades mildly in to losses during the European session, however the US benchmark was set for a weekly gain on the back of falling stockpiles.
WTI trades in a narrow range
Currently, WTI trades -0.27% lower at 60.55, retreating from fresh session highs reached at 60.80 some time ago. Oil prices traded flattish this session after rising about 3% on Thursday as worries over the global oversupply eased somewhat after Wednesday’s bigger than expected drop witnessed in US crude inventories.
Meanwhile, the US dollar index trades -0.35% lower today at 95.13, allowing dollar-priced commodities to rise as it makes them cheaper for traders holding other currencies.
Markets now await fresh data about the US oil rig count will be released by oilfield services company Baker Hughes later in the day. Last week, the number of rig counts fell by just 8, the least since December.
Technical Levels
WTI oil has an immediate resistance which stands at 62 levels above which gains could be extended to 63.50 levels. Meanwhile, support is seen at 58 levels from here losses could be extended to 56.50 levels.
WTI trades in a narrow range
Currently, WTI trades -0.27% lower at 60.55, retreating from fresh session highs reached at 60.80 some time ago. Oil prices traded flattish this session after rising about 3% on Thursday as worries over the global oversupply eased somewhat after Wednesday’s bigger than expected drop witnessed in US crude inventories.
Meanwhile, the US dollar index trades -0.35% lower today at 95.13, allowing dollar-priced commodities to rise as it makes them cheaper for traders holding other currencies.
Markets now await fresh data about the US oil rig count will be released by oilfield services company Baker Hughes later in the day. Last week, the number of rig counts fell by just 8, the least since December.
Technical Levels
WTI oil has an immediate resistance which stands at 62 levels above which gains could be extended to 63.50 levels. Meanwhile, support is seen at 58 levels from here losses could be extended to 56.50 levels.