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27 May 2015
WTI rebounds over 1%, eyes $ 59
FXStreet (Mumbai) - WTI oil futures on the Nymex bounced-back sharply from fresh four week lows reached on Tuesday amid broad USD correction as markets now turn their focus to stockpiles data, which may show a fourth straight weekly fall.
WTI back above $ 58
Currently, WTI trades 1.09% higher at 58.66, supported above 58 handle. Oil prices rebounding from Tuesday's steep losses, with traders waiting for the weekly update on US crude reserves.
Markets estimate that US crude stockpiles fell by another 2 million barrels during the week to May 22, which would mark the fourth straight weekly decline. The Energy Information Administration is due to deliver its report on Thursday.
The American Petroleum Institute will release its weekly data later in the day, delayed by one day due to Monday's Memorial Day holiday. Meanwhile, in the day ahead, markets will track USD moves amid a data-empty USD calendar.
Meanwhile, the US dollar index trades -0.25% lower today at 97.14, pushing dollar-priced commodities higher as it makes them cheaper for traders holding other currencies.
Technical Levels
WTI oil has an immediate resistance which stands at 60 levels above which gains could be extended to 61.50 levels. Meanwhile, support is seen at 57.71 levels from here losses could be extended to 56.50 levels.
WTI back above $ 58
Currently, WTI trades 1.09% higher at 58.66, supported above 58 handle. Oil prices rebounding from Tuesday's steep losses, with traders waiting for the weekly update on US crude reserves.
Markets estimate that US crude stockpiles fell by another 2 million barrels during the week to May 22, which would mark the fourth straight weekly decline. The Energy Information Administration is due to deliver its report on Thursday.
The American Petroleum Institute will release its weekly data later in the day, delayed by one day due to Monday's Memorial Day holiday. Meanwhile, in the day ahead, markets will track USD moves amid a data-empty USD calendar.
Meanwhile, the US dollar index trades -0.25% lower today at 97.14, pushing dollar-priced commodities higher as it makes them cheaper for traders holding other currencies.
Technical Levels
WTI oil has an immediate resistance which stands at 60 levels above which gains could be extended to 61.50 levels. Meanwhile, support is seen at 57.71 levels from here losses could be extended to 56.50 levels.