18 May 2015
WTI wobbles below $60.00
FXStreet (Edinburgh) - The barrel of WTI is alternating gains with losses at the beginning of the week, currently hovering below the $60.00 mark.
WTI attention to geopolitical jitters
Crude oil prices remain unable to gather traction on Monday in spite of geopolitical effervescence is picking up pace in both Yemen and Iraq, threatening with potential supply disruptions.
The resurgence of the bid tone around the greenback has been also playing against any sustainable recovery in crude oil prices, with daily gains capped just below the $61.00 handle.
WTI relevant levels
The barrel of WTI is up 0.02% at $59.70 and a break above of $60.84 (high May 14) would expose $61.31 (high May 7) followed by $61.85 (high May 13). On the downside, the immediate support aligns at $59.09 (low May 7) en route to $58.63 (low May 5) and then $58.42 (low May 15).
WTI attention to geopolitical jitters
Crude oil prices remain unable to gather traction on Monday in spite of geopolitical effervescence is picking up pace in both Yemen and Iraq, threatening with potential supply disruptions.
The resurgence of the bid tone around the greenback has been also playing against any sustainable recovery in crude oil prices, with daily gains capped just below the $61.00 handle.
WTI relevant levels
The barrel of WTI is up 0.02% at $59.70 and a break above of $60.84 (high May 14) would expose $61.31 (high May 7) followed by $61.85 (high May 13). On the downside, the immediate support aligns at $59.09 (low May 7) en route to $58.63 (low May 5) and then $58.42 (low May 15).