FXStreet (Edinburgh) – The price of the barrel of West Texas Intermediate is now sharply higher, retaking levels beyond the $60.0 mark.
WTI boosted by data, USD
The recent drop in crude oil inventories reported by the EIA plus news of stronger demand for gasoline are helping the barrel of WTI to regain the $60.00 handle and advance almost 5% so far at the end of the trading week. Collaborating with the abrupt upside, driller Baker Hughes informed that US oil rigs in use decreased for 25th consecutive week, this time by 13 to 646, registering the longest period of shutoffs.
Another driver behind today’s climb remains the renewed softness in the US dollar, accelerated today after the lacklustre prints from US Q1 GSP, Reuters/Michigan index and the Chicago PMI.
WTI relevant levels
The barrel of WTI is up 4.85% at $60.49, facing the initial hurdle at $60.94 (high May 21) and then $61.31 (high May 7). On the other hand, a breakdown of $57.72 (low May 29) would aim for $56.54 (low Apr. 29) and finally $56.51 (low May 28).
(Market News Provided by FXstreet)