14 Jul 2015
WTI approaches session highs, around $53.00
FXStreet (Edinburgh) - After testing fresh multi-week lows in early trade, the barrel of West Texas Intermediate sparked a correction higher, which is now challenging session tops around the $53.00 mark.
WTI firmer despite Iran-West deal
After weeks of negotiations, Iran and six Western powers have finally struck a deal that should see sanctions against the Middle East oil-producer lifted. According to experts, it might take some time until Iran recovers its capacity to produce oil at previous levels.
However, Iran has important quantities of oil in storage, which could be added to the global supply any time soon, and thus exert further downside pressure on prices.
Next of relevance to crude oil prices will be tomorrow’s EIA weekly report on inventories ahead of Friday’s report from driller Baker Hughes on oil rigs count.
WTI levels to watch
At the moment WTI is advancing 1.48% at 52.94 with the next support at $50.58 (low Jul.7) followed by $49.47 (low Apr.6) and finally $48.11 (low Apr.2). On the other hand, a breakout of $56.78 (high Jul.3) would aim for $57.95 (high Jul.2) and then $58.98 (high Jul.1).
WTI firmer despite Iran-West deal
After weeks of negotiations, Iran and six Western powers have finally struck a deal that should see sanctions against the Middle East oil-producer lifted. According to experts, it might take some time until Iran recovers its capacity to produce oil at previous levels.
However, Iran has important quantities of oil in storage, which could be added to the global supply any time soon, and thus exert further downside pressure on prices.
Next of relevance to crude oil prices will be tomorrow’s EIA weekly report on inventories ahead of Friday’s report from driller Baker Hughes on oil rigs count.
WTI levels to watch
At the moment WTI is advancing 1.48% at 52.94 with the next support at $50.58 (low Jul.7) followed by $49.47 (low Apr.6) and finally $48.11 (low Apr.2). On the other hand, a breakout of $56.78 (high Jul.3) would aim for $57.95 (high Jul.2) and then $58.98 (high Jul.1).