FXStreet (Edinburgh) – The barrel of West Texas Intermediate is now easing some ground to the $48.30 area after climbing as highs the boundaries of $48.70 in early trade.
WTI firmer ahead of FOMC minutes
The recent upside of crude oil prices have been propped up by the escalating conflict in the Middle East following the Russian military campaign in Syria, adding pressure to the already effervescent situation in the region.
In addition, the initial softer tone around the US dollar has also lent support to the USD-denominated assets early in the session, collaborating with the upbeat tone in prices. However, the later recovery in USD plus the upcoming FOMC minutes will keep the upside in crude prices somewhat limited in the very near term.
WTI levels to consider
At the moment the barrel of WTI is advancing 1.09% at $48.33 with the next resistance at $50.00 (psychological mark) ahead of $53.89 (high Jul.13) and then $56.79 (high Jul.6). On the flip side, a break below $44.30 (low Sep.28) would aim for $43.71 (low Sep.24) and then $43.36 (low Sep.10).
(Market News Provided by FXstreet)