FXStreet (Mumbai) – WTI oil futures on the Nymex erased earlier gains and turned in the negative territory in the European session as traders continue to monitor Greece and Iran talks ahead of the weekly rig count data.
WTI trades below $ 60
Currently, WTI trades -0.24% lower 59.58, wavering on the 59 handle. Oil prices trade marginally lower, extending losses for the third day in a row as traders await the release of the weekly US rig count at the week’s end for further indications of dwindling supply.
Moreover, ongoing worries of a possible glut emerging in US gasoline and diesel supply and the potential negative impact from Greece’s debt crisis on European energy demand keeps the black gold in red.
The US dollar index, a virtual gauge measuring the greenback’s strength versus a basket of its six major peers, trades flat 95.35. The commodity tends to move reversely to the US currency.
WTI Technical Levels
WTI oil has an immediate resistance which stands at 60 levels above which gains could be extended to 60.63 levels. Meanwhile, support is seen at 59 levels from here losses could be extended to 58.50 levels.
(Market News Provided by FXstreet)