FXStreet (Mumbai) – WTI oil futures on the Nymex extends losses from the previous session and trades below 60 barrier as traders continue to digest the latest EIA weekly crude stockpiles report which sent a mixed message across the markets.
WTI keeps losses
Currently, WTI trades -0.72% lower at 59.90, struggling to extend beyond 60 levels. Oil prices edged lower today following the latest inventory report which painted a mixed picture.
US crude reserves fell 2.68 million barrels to 467.93 million barrels in the week to June 12, more than the fall of 1.75 million barrels expected by the market, the Energy Information Administration (EIA) said on Wednesday, marking the 7th consecutive draw in stockpiles.
On the contrary, crude supplies at the closely watched trading hub in Cushing, Oklahoma, rose by 100,000 barrels, the data showed.
However, the losses were limited by a broadly weaker US dollar following dovish FOMC statement published on Wednesday. The US dollar index trades -0.20% at 94.30, at the moment.
Technical Levels
WTI oil has an immediate resistance which stands at 60.25 levels above which gains could be extended to 61.81 levels. Meanwhile, support is seen at 59 levels from here losses could be extended to 57.50 levels.
(Market News Provided by FXstreet)