FXStreet (Edinburgh) – After bottoming out in the $56.80 area on Friday, the barrel of the West Texas Intermediate has now retaken the $58.00 mark and above.
WTI recovers from OPEC, USD
Crude oil prices are closing the week with losses, snapping a 12-week positive streak, following the recent announcements from the OPEC at today’s meeting in Vienna. The oil cartel, as expected, left unchanged its output at 30 million barrels/day, increasing concerns of a continuation of the supply glut that is already capping any bullish attempt in prices.
The stronger dollar after the very auspicious results from the US labour market has been also weighing on the WTI and the rest of the USD-denominated assets.
Furthermore, driller Baker Hughes reported that US oil rigs in use dropped by 4 to 642 during the last week.
WTI key levels
The barrel of WTI is advancing 0.52% at $58.30 and a break above $61.71 (high May 18) would expose $61.80 (high May 14) and finally $62.27 (high May 12). On the downside, the initial support lies at $57.83 (low Jun.4) ahead of $57.72 (low May 29) and then $56.51 (low May 28).
(Market News Provided by FXstreet)