26 Mar 2015
WTI consolidates above $51.00
FXStreet (Edinburgh) - The barrel of the American benchmark for the light crude oil continues its march north today, now looking to consolidate gains above the $51.00 mark.
WTI boosted by geopolitical events
The overnight air strikes by Saudi Arabia against Yemen prompted investors to start gauging potential supply disruptions, with focus on the critical Bab el-Mandeb Strait, lifting prices to fresh highs above the $52.00 handle as a consequence.
The renewed geopolitical jitters encouraged traders to quickly left behind concerns on the US supply gut and the recent increment in crude oil inventories reported by EIA on Wednesday, bolstering the upside in prices.
WTI key levels
The barrel of WTI is now advancing 4.25% at $51.30 with the next hurdle at $52.02 (high Mar.10) followed by$53.04 (high Mar.6) and finally $54.00 (high Mar.5). On the other hand, a breach of $47.01 (low Mar.25) would aim for $46.67 (low Mar.24) and then $45.33 (low Mar. 23).
WTI boosted by geopolitical events
The overnight air strikes by Saudi Arabia against Yemen prompted investors to start gauging potential supply disruptions, with focus on the critical Bab el-Mandeb Strait, lifting prices to fresh highs above the $52.00 handle as a consequence.
The renewed geopolitical jitters encouraged traders to quickly left behind concerns on the US supply gut and the recent increment in crude oil inventories reported by EIA on Wednesday, bolstering the upside in prices.
WTI key levels
The barrel of WTI is now advancing 4.25% at $51.30 with the next hurdle at $52.02 (high Mar.10) followed by$53.04 (high Mar.6) and finally $54.00 (high Mar.5). On the other hand, a breach of $47.01 (low Mar.25) would aim for $46.67 (low Mar.24) and then $45.33 (low Mar. 23).