FXStreet (Edinburgh) – The price of the barrel of the American benchmark for the light crude oil is extending its downside momentum on Wednesday, currently hovering over the $57.70 area.
WTI weaker on USD, OPEC eyed
The pair is printing monthly lows around $57.70 today, snapping at the same time an impressive positive streak since mid-March, when the barrel dropped to multi-year lows near $42.40.
Concerns over a global oil supply glut plus a persistent buying interest around the US dollar has been weighing on WTI in the last sessions, while market participants are turning their attention to the OPEC meeting on June 5th.
In the data space, the API will publish its report later today, while the weekly report on inventories by the EIA is due tomorrow.
WTI relevant levels
The barrel of WTI is losing 0.64% at $57.66 with the immediate support at $56.54 (low Apr. 29) and finally $56.07 (low Apr. 28). On the upside, a surpass of $60.94 (high May 21) would expose $61.31 (high May 7) and then $61.85 (high May 13).
(Market News Provided by FXstreet)