FXStreet (Edinburgh) – The barrel of West Texas Intermediate is extending its negative momentum at the end of the week, consolidating below the key barrier at $60.00.
WTI bounced off $58.70
Crude oil prices are retreating for the third consecutive session so far following the firmer tone in the US dollar, which continues to gather traction on hopes of a favourable outcome of tomorrow’s Eurogroup meeting.
In addition, the likeliness of a deal on the Iranian nuclear programme by June 30th keeps weighing on crude oil prices. Recall that such a deal could see Iran sanctions lifted and the consequent increment in the supply of crude oil, adding to the already saturated global markets.
In the data universe, driller Baker Hughes reported that US oil rigs in use have decreased by 2 to 628 during last week.
WTI relevant levels
WTI is now retreating 0.25% at $59.55 facing the next support at $58.70 (low Jun.9) ahead of $58.32 (low Jun.8) and then $57.21 (low Jun.5). On the other hand, a break above $61.83 (high Jun.2) would open the door to $61.91 (high Jun.11) and finally $62.22 (high Jun.10).
(Market News Provided by FXstreet)