15 Jun 2015
WTI off lows, back to $59.50
FXStreet (Edinburgh) - The barrel of the American benchmark for the light crude oil is losing further ground at the beginning of the week, currently navigating the mid-$59.00s.
WTI capped around $60.00
After climbing to session highs around the critical barrier at $60.00, crude oil prices sparked a leg lower to the $58.70 area, albeit managing to rebound afterwards. Concerns over the global oil supply glut keeps weighing on investors and remains the main factor capping occasional bullish attempts.
Collaborating with the downbeat sentiment, the output from the Organization of the Petroleum Exporting Countries (OPEC) reached the highest level since October 2012 to just above 31 million barrels/day during May.
WTI key levels
The barrel of WTI is retreating 0.83% at $59.46 and a breach of $58.23 (low Jun.9) would open the door to $57.83 (low Jun.4) ahead of $57.72 (low May 29). On the upside, the immediate hurdle lies at $61.82 (high Jun.10) ahead of $62.27 (high May 12) and finally $62.40 (high May 7).
WTI capped around $60.00
After climbing to session highs around the critical barrier at $60.00, crude oil prices sparked a leg lower to the $58.70 area, albeit managing to rebound afterwards. Concerns over the global oil supply glut keeps weighing on investors and remains the main factor capping occasional bullish attempts.
Collaborating with the downbeat sentiment, the output from the Organization of the Petroleum Exporting Countries (OPEC) reached the highest level since October 2012 to just above 31 million barrels/day during May.
WTI key levels
The barrel of WTI is retreating 0.83% at $59.46 and a breach of $58.23 (low Jun.9) would open the door to $57.83 (low Jun.4) ahead of $57.72 (low May 29). On the upside, the immediate hurdle lies at $61.82 (high Jun.10) ahead of $62.27 (high May 12) and finally $62.40 (high May 7).