FXStreet (Mumbai) – WTI crude oil front month futures fell into losses to trade well below USD 58.00/barrel as the US dollar resumed its uptrend against the basket of currencies.
Crude futures clocked a high of USD 58.92/barrel earlier today on expectations that US crude stocks fell for a fourth straight week in the last week. Crude inventories are expected to have fallen by 2 million barrels last week, a preliminary Reuters survey showed.
The American Petroleum Institute (API) data is due for release today, while the US government shall release its own set of data tomorrow.
Meanwhile, prices are also under pressure on widespread belief that the Organization of the Petroleum Exporting Countries shall keep production steady at its meeting on June 5.
WTI Crude future Technical Levels
The futures currently trade at USD 57.55/barrel. immediate support is seen at 56.62 (50-SMA), followed by another support at 56.00. On the other hand, immediate resistance is seen at 57.71 (23.6% R of 42.02-62.54), followed by another hurdle at 59.18 (200-SMA).
(Market News Provided by FXstreet)