Back
22 Apr 2015
WTI in red around $56.40
FXStreet (Edinburgh) - The barrel of West Texas Intermediate is alternating gains with losses on Wednesday, hovering over the $56.40 area so far.
WTI directionless after EIA report
The pair remains within a narrow range today following the mixed weekly report from the EIA, showing crude oil inventories increased by 5.3 million barrels in the week ended on April 17th while US output dropped near 18K barrels.
The resilient tone remains unchanged around WTI, as market participants continue to factor in the persistent drop in US oil rigs in use and the declining output.
WTI relevant levels
The barrel of WTI is now losing 0.34% at $56.42 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 directionless after EIA report
The pair remains within a narrow range today following the mixed weekly report from the EIA, showing crude oil inventories increased by 5.3 million barrels in the week ended on April 17th while US output dropped near 18K barrels.
The resilient tone remains unchanged around WTI, as market participants continue to factor in the persistent drop in US oil rigs in use and the declining output.
WTI relevant levels
The barrel of WTI is now losing 0.34% at $56.42 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).