7 May 2015
WTI back in red below $61
FXStreet (Mumbai) - WTI oil futures on the Nymex fell back in the negative territory on Thursday, as ongoing worries over the supply glut and Iran's comments continue to drag prices lower.
WTI awaits US data
Currently, WTI trades -0.35% lower at 60.73, retreating from 61.31 session highs. Crude prices pared losses and trades muted this session as warnings that the global crude market remains well supplied despite the recent drop in US reserves keeps the lid on prices.
The latest comments from Iran kept investors worried over the global supply glut. The country's oil minister Bijan Namdar Zanganeh said its output would increase to 3.8 million barrels per day within six months if sanctions against Iran were lifted.
Meanwhile, markets now turn their attention towards US weekly jobless claims data which may provide fresh cues on US dollar moves, eventually impacting oil prices.
Technical Levels
WTI oil has an immediate resistance which stands at 61.50 levels above which gains could be extended to 63 levels. Meanwhile, support is seen at 60 levels from here losses could be extended to 58.50 levels.
WTI awaits US data
Currently, WTI trades -0.35% lower at 60.73, retreating from 61.31 session highs. Crude prices pared losses and trades muted this session as warnings that the global crude market remains well supplied despite the recent drop in US reserves keeps the lid on prices.
The latest comments from Iran kept investors worried over the global supply glut. The country's oil minister Bijan Namdar Zanganeh said its output would increase to 3.8 million barrels per day within six months if sanctions against Iran were lifted.
Meanwhile, markets now turn their attention towards US weekly jobless claims data which may provide fresh cues on US dollar moves, eventually impacting oil prices.
Technical Levels
WTI oil has an immediate resistance which stands at 61.50 levels above which gains could be extended to 63 levels. Meanwhile, support is seen at 60 levels from here losses could be extended to 58.50 levels.