FXStreet (Mumbai) – WTI oil futures on the Nymex extends gains for the second straight session in the European morning, largely supported by overnight by comments from the Saudi oil minister and the softer US dollar.
WTI at 2-week highs
Currently, WTI trades 1.29% higher at 60.98, supported at $ 60. Oil prices continues its winning streak from the previous session following comments from Saudi Oil Minister Ali al-Naimi, who predicted firm demand for the commodity during the second half of the year.
Moreover, broad based US dollar softness following mixed data releases yesterday also boosted the black gold prices. The US dollar index trades -0.34% lower today at 97.19 pushing dollar-priced commodities higher as it makes them cheaper for traders holding other currencies.
Markets now await fresh set of US economic releases due later in the session while Wednesday’s EIA crude stockpiles report is also much awaited.
Technical Levels
WTI oil has an immediate resistance which stands at 61.71 levels above which gains could be extended to 62.50 levels. Meanwhile, support is seen at 60 levels from here losses could be extended to 58.50 levels.
(Market News Provided by FXstreet)