1 Jul 2015
WTI dips in Asia, trades below $ 59
FXStreet (Mumbai) - WTI oil futures on the Nymex dipped in Asia and extend losses heading in to European session as traders digest the latest developments in Greece and Iran as well as the fresh US inventory report.
WTI back below $ 59
Currently, WTI trades -1.40% lower at 58.63, retracing from 59.09 highs. Oil prices edged lower today after the latest data showed a rise in US stockpiles and production, with the crisis in Greece weighing on the commodity as well.
US crude stockpiles rose 1.9 million barrels in the week to June 26, the American Petroleum Institute said in a weekly report on Tuesday. Markets had been expecting about a 2 million barrels drop.
For the measured week, the Energy Information Administration (EIA) is expected to show a 2.5 million decline in US crude inventories. The report is due to be released later in the day. Markets now await EIA report along with key US macro data for further moves on the black gold.
Meanwhile, six major world powers and Iran announced on Tuesday that the deadline for reaching an agreement over Tehran's nuclear program was extended until July 7.
WTI Technical Levels
WTI oil has an immediate resistance which stands at 60 levels above which gains could be extended to 60.63 levels. Meanwhile, support is seen at 58 levels from here losses could be extended to 57.21 levels.
WTI back below $ 59
Currently, WTI trades -1.40% lower at 58.63, retracing from 59.09 highs. Oil prices edged lower today after the latest data showed a rise in US stockpiles and production, with the crisis in Greece weighing on the commodity as well.
US crude stockpiles rose 1.9 million barrels in the week to June 26, the American Petroleum Institute said in a weekly report on Tuesday. Markets had been expecting about a 2 million barrels drop.
For the measured week, the Energy Information Administration (EIA) is expected to show a 2.5 million decline in US crude inventories. The report is due to be released later in the day. Markets now await EIA report along with key US macro data for further moves on the black gold.
Meanwhile, six major world powers and Iran announced on Tuesday that the deadline for reaching an agreement over Tehran's nuclear program was extended until July 7.
WTI Technical Levels
WTI oil has an immediate resistance which stands at 60 levels above which gains could be extended to 60.63 levels. Meanwhile, support is seen at 58 levels from here losses could be extended to 57.21 levels.