FXStreet (Edinburgh) – The barrel of the American benchmark for the light crude oil is trading on the back footing on Thursday around the $59.70 area.
WTI weaker on Greece jitters, Iran
Crude oil prices remain on the defensive following today’s lack of progress in the renegotiation of the Greek bailout at the Eurogroup meeting. Without any decision made by the EU creditors today, the door remains open for further meetings in the very near term, allowing uncertainty and unease to keep weighing on WTI via a stronger dollar.
Another concern for the WTI remains next week’s deadline (June 30th) for the Iran nuclear programme talks, where a deal with the West powers could see Iran’s sanctions lifted and the likeliness of more oil pumped into the global markets in the medium to longer terms.
WTI relevant levels
WTI is now retreating 0.81% at $59.78 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)