FXStreet (Edinburgh) – The barrel of the American benchmark for the light crude oil has returned from session tops above the critical $60.00 mark on Monday.
WTI attention to Greece
After briefly testing the mid-$60.00s, crude oil prices initiated a leg lower to the $59.20 region, although it has managed to quickly rebound and reclaim the current area around $59.60 despite it is still mired in the red territory.
Greece headlines and the upcoming EU Leaders Summit continue to be the main driver for the WTI in the very near term, as there are no other relevant releases scheduled in both Euroland and the US economy.
WTI relevant levels
WTI is now retreating 0.57% at $59.63 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 flip side, a breakout of $61.83 (high Jun.2) followed by $61.91 (high Jun.11) and finally $62.22 (high Jun.10).
(Market News Provided by FXstreet)