FXStreet (Mumbai) – WTI oil futures on the Nymex snapped previous gains and keep moderate losses in the late Asian session mainly on a stronger greenback with traders waiting for the upcoming update on US crude reserves for the past week.
WTI consolidates previous gains
Currently, WTI trades -0.51% lower at 60.08, bouncing off a brief dip below 60 handle. Oil prices remains in red pressured by a rising US dollar amid cautiousness ahead of the fresh weekly inventory report.
Meanwhile, traders are also monitoring developments in Europe, where Greece and its creditors are trying to seal a deal over its debt that could see the country avoid defaulting and possibly leaving the euro zone.
The American Petroleum Institute (API) will be reporting its data later on Tuesday, while the government’s Energy Information Administration (EIA) is scheduled for Wednesday.
EIA US crude stockpiles is expected to have dropped by about 1.8 million barrels to around 466 million barrels in the week to June 19, which would mark the eighth straight weekly drop.
Technical Levels
WTI oil has an immediate resistance which stands at 60.93 levels above which gains could be extended to 61.50 levels. Meanwhile, support is seen at 59.20 levels from here losses could be extended to 58.50 levels.
(Market News Provided by FXstreet)