FXStreet (Edinburgh) – The barrel of West Texas Intermediate is losing the grip today, challenging session lows in the key $60.00 neighbourhood.
WTI lower on USD, US output
A re-emergence of the bid tone around the dollar keeps capping gains in crude oil today. In addition, prices of WTI also reacted adversely after EIA reported another up tick in the US output and gasoline stockpiles, all despite crude oil inventories dropped by 4.9 million barrels in the week ended on June 19th.
In the meantime, the uncertainty around the Greek debt talks continue to weigh on sentiment and prop up the demand for the safe haven dollar, hurting the USD-denominated assets at the same time.
WTI relevant levels
WTI is now retreating 1.33% at $60.20 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)