FXStreet (Edinburgh) – After reaching daily tops around $61.40, the barrel of the West Texas Intermediate has given away those gains and plummeted to current lows near $59.30.
WTI lower following EIA report
Despite crude oil inventories decreased more than previously estimated by 1.948 million barrels in the week ended on May 29th, crude oil output kept the up trend, rising to 9.57 million barrels/day, wiping out the initial optimism and triggering a correction lower to sub-$60.00 levels.
The softer tone in the greenback failed to ignite a more sustainable rally in crude oil prices, ahead of the OPEC meeting, which will kick in on Friday in Vienna. The generalized opinion amongst traders is that the cartel could keep the output unchanged around 30 million barrels/day.
WTI key levels
The barrel of WTI is retreating 2.69% at $59.61 with the initial support at $59.34 (low Jun.3) ahead of $57.72 (low May 29) and then $56.51 (low May 28). On the upside, a break above $61.71 (high May 18) would expose $61.80 (high May 14) and finally $62.27 (high May 12).
(Market News Provided by FXstreet)