1 May 2015
WTI strives for $60 amid calm markets
FXStreet (Mumbai) - WTI oil futures on the Nymex failed to breach $60 threshold yet another time in calm markets and trades muted while heading for its 7th straight weekly rise, after posting its best monthly gain since May 2009 in April.
WTI wavers around $59.50/ barrel
Currently, WTI trades modestly flat at 56.60 levels, retreating from 59.88 2015 YTD Highs. Crude prices trades lack lustre amid thin volumes as most EUR traders are off on an extended May Day holiday with eyes all set on upcoming US economic data due for release later today.
Moreover, the gains in oil were restricted after Reuters reported on Thursday that OPEC supply has jumped to 31.04 million barrels per day in April, its highest in more than two years, on the back of near-record supplies from Saudi Arabia and Iraq.
OPEC is due to hold its next meeting on June 5, and it is widely expected to keep output policy unchanged.
Oil Technical Levels
WTI oil has an immediate resistance which stands at 60 levels above which gains could be extended to 61.50 levels. Meanwhile, support is seen at 58 levels from here losses could be extended to 57.60 levels.
WTI wavers around $59.50/ barrel
Currently, WTI trades modestly flat at 56.60 levels, retreating from 59.88 2015 YTD Highs. Crude prices trades lack lustre amid thin volumes as most EUR traders are off on an extended May Day holiday with eyes all set on upcoming US economic data due for release later today.
Moreover, the gains in oil were restricted after Reuters reported on Thursday that OPEC supply has jumped to 31.04 million barrels per day in April, its highest in more than two years, on the back of near-record supplies from Saudi Arabia and Iraq.
OPEC is due to hold its next meeting on June 5, and it is widely expected to keep output policy unchanged.
Oil Technical Levels
WTI oil has an immediate resistance which stands at 60 levels above which gains could be extended to 61.50 levels. Meanwhile, support is seen at 58 levels from here losses could be extended to 57.60 levels.