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21 Apr 2015
WTI in red above $56.00
FXStreet (Edinburgh) - The barrel of the American benchmark for the light crude oil is returning to the mid-56.00s after hitting session highs near the $57.00 mark.
WTI returning from highs
Crude oil is trading in a narrow range on Tuesday, as market participants keep gauging the expiration of May contracts while remain vigilant on the EIA’s weekly report on crude inventories due tomorrow.
The US dollar has reverted a promising start and is now back to the red territory, giving extra legs to the WTI.
WTI relevant levels
The barrel of WTI is now losing 0.16% at $56.29 and a breach of $54.85 (low Apr.20) would aim for $50.63 (low Apr.9) ahead of $49.57 (low Apr.5). On the upside, the initial resistance aligns at $57.17 (high Apr.20) ahead of $58.38 (high Dec.19) and then $59.53 (high Dec.12).
WTI returning from highs
Crude oil is trading in a narrow range on Tuesday, as market participants keep gauging the expiration of May contracts while remain vigilant on the EIA’s weekly report on crude inventories due tomorrow.
The US dollar has reverted a promising start and is now back to the red territory, giving extra legs to the WTI.
WTI relevant levels
The barrel of WTI is now losing 0.16% at $56.29 and a breach of $54.85 (low Apr.20) would aim for $50.63 (low Apr.9) ahead of $49.57 (low Apr.5). On the upside, the initial resistance aligns at $57.17 (high Apr.20) ahead of $58.38 (high Dec.19) and then $59.53 (high Dec.12).