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10 Apr 2015
WTI testing highs near $51.60
FXStreet (Edinburgh) - The barrel of West Texas Intermediate is pushing higher during the European evening, trading in the upper end of the range above the $51.00 mark.
WTI finds support at $50.00
Crude oil prices are extending the positive streak to three weeks so far, looking to consolidate above the ley $50.00 handle. Prices found support mid-week after Iranian officials poured cold water over the completion of the nuclear talks with the P5+1, shrugging off at the same time the massive increase of crude inventories reported by the EIA.
In addition, the weekly report by driller Baker Hughes informed that US oil rigs in use decreased by 42 to 760 during last week.
WTI levels to watch
The barrel of WTI is now gaining 1.58% at $51.59 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 finds support at $50.00
Crude oil prices are extending the positive streak to three weeks so far, looking to consolidate above the ley $50.00 handle. Prices found support mid-week after Iranian officials poured cold water over the completion of the nuclear talks with the P5+1, shrugging off at the same time the massive increase of crude inventories reported by the EIA.
In addition, the weekly report by driller Baker Hughes informed that US oil rigs in use decreased by 42 to 760 during last week.
WTI levels to watch
The barrel of WTI is now gaining 1.58% at $51.59 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).