WTI rejected at $ 59

FXStreet (Mumbai) – WTI oil futures on the Nymex continues to ride higher despite mild gains seen in the US while traders await the API inventory report due later today for further insights

WTI extends recovery

Currently, WTI trades 1.20% higher at 58.84, easing of session highs at 58.97. Oil prices remains firmer this session despite a minor rebound seen in the greenback as markets await fresh US macro data as well as crude stockpiles data from API in the day ahead.

However, the bounce-back in oil prices may be short-lived as traders remain worried over the persisting global supply glut. US crude reserves stood at 477 million barrels, near the highest levels in at least 80 years, the Energy Information Administration said last week.

Fresh stockpiles data will be released by the American Petroleum Institute later in the day, while the US government is scheduled to deliver its report on Wednesday.

Technical Levels

WTI oil has an immediate resistance which stands at 60 levels above which gains could be extended to 61.43 levels. Meanwhile, support is seen at 57 levels from here losses could be extended to 55.50 levels.

WTI oil futures on the Nymex continues to ride higher despite mild gains seen in the US while traders await the API inventory report due later today for further insights.

(Market News Provided by FXstreet)