9 Jul 2015
WTI firmer, flirting with $53.00
FXStreet (Edinburgh) - The barrel of West Texas Intermediate has managed to snap a negative streak and is now advancing to the $53.00 mark.
WTI better bid on China, Iran
Crude oil prices edged higher on Thursday following a recovery in the Chinese stock markets and allaying downside pressure on commodities at the same time. In the same direction, there were rumours that Iran and the Western powers could postpone once again the nuclear talks deadline, giving further support to the correction higher in WTI.
WTI is posting gains for the first time after five consecutive sessions in red, bouncing off nearly 3-month lows in the vicinity of the key barrier at $50.00 (Tuesday).
WTI levels to watch
At the moment WTI is gaining 2.71% at 53.05 and a break above $56.78 (high Jul.3) would aim for $57.95 (high Jul.2) and then $58.98 (high Jul.1). On the flip side, the immediate support aligns at $50.58 (low Jul.7) followed by $49.47 (low Apr.6) and finally $48.11 (low Apr.2).
WTI better bid on China, Iran
Crude oil prices edged higher on Thursday following a recovery in the Chinese stock markets and allaying downside pressure on commodities at the same time. In the same direction, there were rumours that Iran and the Western powers could postpone once again the nuclear talks deadline, giving further support to the correction higher in WTI.
WTI is posting gains for the first time after five consecutive sessions in red, bouncing off nearly 3-month lows in the vicinity of the key barrier at $50.00 (Tuesday).
WTI levels to watch
At the moment WTI is gaining 2.71% at 53.05 and a break above $56.78 (high Jul.3) would aim for $57.95 (high Jul.2) and then $58.98 (high Jul.1). On the flip side, the immediate support aligns at $50.58 (low Jul.7) followed by $49.47 (low Apr.6) and finally $48.11 (low Apr.2).