FXStreet (Edinburgh) – After yesterday’s sharp sell-off, the barrel of West Texas Intermediate attempted a bull run today, although it lacked conviction and is now back to the $52.00 handle.
WTI lower on Greece, Iran
Crude oil remains entrenched in the red territory during the first half of the week, extending Monday’s deep pullback to the mid-$50.00s in early trade, although recovering some ground afterwards.
Higher uncertainty surrounding Greece after Sunday’s referendum, the relentless increase in OPEC’s output, plus a potential deal between Iran and Western powers are all hurting the sentiment around the black gold, which remains trading in 3-month lows.
WTI levels to watch
At the moment WTI is retreating 0.74% at 52.14 with the next support at $50.58 (low Jul.7) followed by $49.47 (low Apr.6) and finally $48.11 (low Apr.2). On the other hand, a break above $56.78 (high Jul.3) would aim for $57.95 (high Jul.2) and then $58.98 (high Jul.1).
(Market News Provided by FXstreet)