6 Apr 2015
WTI pushes higher near $51.80
FXStreet (Edinburgh) - The price for the barrel of West Texas Intermediate is intensifying the upside on Easter Monday, currently advancing more than 5% around $51.75.
WTI boosted on Iran
Crude oil prices picked up pace following market expectations that Iran output and oil exports could take longer to resume the levels pre-sanctions (about a year according to analysts), allaying fears that further oil could be added to the already global glut and thus exert further downside pressure on prices.
In addition, the softer tone from the US dollar is also collaborating with the upbeat sentiment around the WTI, which prices are once again flirting with the $52.00 handle.
WTI key levels
The barrel of WTI is now advancing 5.09% at $51.64 with the next hurdle at 51.87 (high Apr.6) ahead of $52.02 (high Mar.10) and finally $53.04 (high Mar.6). On the downside, a break below 49.47 (low Apr.6) would aim for 49.14 (low Apr.5) and then 47.05 (low Apr.1).
WTI boosted on Iran
Crude oil prices picked up pace following market expectations that Iran output and oil exports could take longer to resume the levels pre-sanctions (about a year according to analysts), allaying fears that further oil could be added to the already global glut and thus exert further downside pressure on prices.
In addition, the softer tone from the US dollar is also collaborating with the upbeat sentiment around the WTI, which prices are once again flirting with the $52.00 handle.
WTI key levels
The barrel of WTI is now advancing 5.09% at $51.64 with the next hurdle at 51.87 (high Apr.6) ahead of $52.02 (high Mar.10) and finally $53.04 (high Mar.6). On the downside, a break below 49.47 (low Apr.6) would aim for 49.14 (low Apr.5) and then 47.05 (low Apr.1).