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19 May 2015
WTI slumps to $57.30
FXStreet (Edinburgh) - The barrel of the American benchmark for the light crude oil is sharply lower on Tuesday, currently testing lows around $57.30.
WTI punished by USD-strength
The solid advance of the US dollar since Monday is now taking a toll on crude oil prices, retreating for the second consecutive session. The barrel of WTI has broken below the critical $60.00 mark and is currently posting 3-week lows near $57.30.
In the meantime, market participants remain vigilant as the effervescence in the Middle East continues to build up. Ahead in the week, the FOMC minutes and the weekly report on crude oil inventories by the EIA will keep WTI under pressure.
WTI relevant levels
The barrel of WTI is down 3.65% at $57.26 with the next support at $56.54 (low Apr. 29) en route to $56.07 (low Apr. 28) and then $55.76 (low Apr. 23). On the upside, a breakout of $60.84 (high May 14) would aim for $61.31 (high May 7) followed by $61.85 (high May 13).
WTI punished by USD-strength
The solid advance of the US dollar since Monday is now taking a toll on crude oil prices, retreating for the second consecutive session. The barrel of WTI has broken below the critical $60.00 mark and is currently posting 3-week lows near $57.30.
In the meantime, market participants remain vigilant as the effervescence in the Middle East continues to build up. Ahead in the week, the FOMC minutes and the weekly report on crude oil inventories by the EIA will keep WTI under pressure.
WTI relevant levels
The barrel of WTI is down 3.65% at $57.26 with the next support at $56.54 (low Apr. 29) en route to $56.07 (low Apr. 28) and then $55.76 (low Apr. 23). On the upside, a breakout of $60.84 (high May 14) would aim for $61.31 (high May 7) followed by $61.85 (high May 13).