FXStreet (Edinburgh) – The barrel of WTI is trading in a tight range at the end of he week, albeit manages well to retain the critical $60.00 mark so far.
WTI looks to close the week above $60.00
Despite today’s decline, crude oil prices are on their way to close the week with gains and above the key $60.00 mark so far. Prices are retreating as concerns over the supply glut remain intact, aggravated after the OPEC has informed that its output has been around 1 million barrels on top of its daily ceiling of 30 million barrels, unveiling the cartel’s efforts to keep its market-share.
In the data front, driller Baker Hughes has reported that US oil rigs in use decreased once again, this time by 7 to 635 during last week. The next big event for oil traders will be the FOMC meeting, directly affecting the USD-denominated assets.
WTI key levels
The barrel of WTI is retreating 0.71% at $60.34 and a breach of $58.23 (low Jun.9) would open the door to $57.83 (low Jun.4) ahead of $57.72 (low May 29). On the upside, the immediate hurdle lies at $61.82 (high Jun.10) ahead of $62.27 (high May 12) and finally $62.40 (high May 7).
(Market News Provided by FXstreet)