FXStreet (Edinburgh) – The downbeat sentiment persists around the barrel of West Texas Intermediate, posting marginal losses in the area of multi-month lows near the $51.00 mark.
WTI lower on Yellen, USD
Crude oil prices remain on the back footing today, as the effects of Yellen’s Testimony on Wednesday still linger over the markets. The greenback has picked up pace after Chair Yellen emphasized that a rate hike could be necessary later in the year.
In the same tone, concerns over the global supply glut keep hovering over the markets and they have been somewhat aggravated after the Iran-West deal.
WTI levels to watch
At the moment WTI is down 0.37% at 51.22 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 breakout of $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)