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1 Jun 2015
WTI keeps lows near $59.50
FXStreet (Edinburgh) - The barrel of West Texas Intermediate is losing almost 2% and deflating to sub-$60.00 levels on Monday.
WTI softer on USD, OPEC
The re-emergence of the buying interest around the US dollar has been weighing on the WTI throughout the session, dragging prices from daily tops around $60.60 to the current $59.30/60 band.
Collaborating with the downside, the OPEC kept its output at record highs near 31.6 million barrels per day during May, boosted by the production levels in Saudi Arabia. Market participants expect no surprises at this week’s OPEC meeting (June 5th), with the cartel keeping unchanged its current output levels.
WTI relevant levels
The barrel of WTI is losing 1.21% at $59.58, facing the initial hurdle at $60.64 followed by $60.94 (high May 21) and then $61.31 (high May 7). On the other hand, a breakdown of $59.33 would open the door to $57.72 (low May 29) and finally $56.54 (low Apr. 29).
WTI softer on USD, OPEC
The re-emergence of the buying interest around the US dollar has been weighing on the WTI throughout the session, dragging prices from daily tops around $60.60 to the current $59.30/60 band.
Collaborating with the downside, the OPEC kept its output at record highs near 31.6 million barrels per day during May, boosted by the production levels in Saudi Arabia. Market participants expect no surprises at this week’s OPEC meeting (June 5th), with the cartel keeping unchanged its current output levels.
WTI relevant levels
The barrel of WTI is losing 1.21% at $59.58, facing the initial hurdle at $60.64 followed by $60.94 (high May 21) and then $61.31 (high May 7). On the other hand, a breakdown of $59.33 would open the door to $57.72 (low May 29) and finally $56.54 (low Apr. 29).