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14 Apr 2015
WTI advances beyond $53.00
FXStreet (Edinburgh) - The barrel of West Texas Intermediate is trading in the upper band of the intraday range so far, gyrating around the mid-$53.00s.
WTI stronger on US output, Iran
The barrel of WTI gained further ground on Tuesday as market participants continue to factor in a decrease of the US output as a result from the continuous drop in US oil rigs in use. Recall that driller Baker Hughes reported that oil rigs decreased by 42 to 760 last week.
Furthermore, Iranian Oil Minister insisted that the OPEC should cut the output by at least 5% in order to allow a more sustainable recovery in prices, collaborating with the daily upside.
WTI key levels
The barrel of WTI is now gaining 3.10% at $53.52 and a break above $53.68 (high Apr.14) would open the door to $54.85 (high Jan.2) ahead of $56.56 (high Dec.26). On the downside, the immediate support lies at $50.63 (low Apr.9) ahead of $49.57 (low Apr.5) and then $48.09 (low Apr.2).
WTI stronger on US output, Iran
The barrel of WTI gained further ground on Tuesday as market participants continue to factor in a decrease of the US output as a result from the continuous drop in US oil rigs in use. Recall that driller Baker Hughes reported that oil rigs decreased by 42 to 760 last week.
Furthermore, Iranian Oil Minister insisted that the OPEC should cut the output by at least 5% in order to allow a more sustainable recovery in prices, collaborating with the daily upside.
WTI key levels
The barrel of WTI is now gaining 3.10% at $53.52 and a break above $53.68 (high Apr.14) would open the door to $54.85 (high Jan.2) ahead of $56.56 (high Dec.26). On the downside, the immediate support lies at $50.63 (low Apr.9) ahead of $49.57 (low Apr.5) and then $48.09 (low Apr.2).