28 Apr 2015
WTI keeps gains above $57.00
FXStreet (Edinburgh) - After climbing as high as the $57.80 region earlier on, the barrel of West Texas Intermediate is now surrendering part of those gains and returning to the $57.20 area.
WTI stronger on USD, inventories eyed
The continuation of the USD-weakness acted as the main catalyst for today’s upside in WTI, which managed to trade at shouting distance from 2015 peaks posted last week.
Crude prices will remain under pressure however, in light of the API’s report later on today, the FOMC meeting and the EIA’s weekly report on inventories (1.33 M/b exp.), both due on Wednesday.
WTI relevant levels
The barrel of WTI is now up 0.12% at $57.06 and a break above $57.83 (high Apr.28) would aim for $58.32 (2015 high Apr.23) and finally $59.53 (high Dec.12). On the downside, the initial support lines up at $56.07 (low Apr.28) ahead of $55.76 (low Apr.23) and then $54.85 (low Apr.20).
WTI stronger on USD, inventories eyed
The continuation of the USD-weakness acted as the main catalyst for today’s upside in WTI, which managed to trade at shouting distance from 2015 peaks posted last week.
Crude prices will remain under pressure however, in light of the API’s report later on today, the FOMC meeting and the EIA’s weekly report on inventories (1.33 M/b exp.), both due on Wednesday.
WTI relevant levels
The barrel of WTI is now up 0.12% at $57.06 and a break above $57.83 (high Apr.28) would aim for $58.32 (2015 high Apr.23) and finally $59.53 (high Dec.12). On the downside, the initial support lines up at $56.07 (low Apr.28) ahead of $55.76 (low Apr.23) and then $54.85 (low Apr.20).