FXStreet (Mumbai) – WTI oil futures on the Nymex defends mild gains in the early European hours, extending gains from the previous session after another weekly drop in US stockpiles boosted oil prices overnight.
WTI extends gains
Currently, WTI trades 0.35% higher at 61.23, bouncing off a brief dip below 61 handle. Oil prices kept moderate gains this session after suggestions that stockpiles shrank for another week, while talks over Iran’s nuclear program remain in the market spotlight.
Crude oil stocks in the US fell by 3.2 million barrels in the week to June 19, dropping for the eighth straight week, and beating estimates of a 1.8 million barrel decline, the American Petroleum Institute (API) said on Tuesday.
EIA US crude stockpiles is expected to have dropped by about 1.8 million barrels to around 466 million barrels in the week to June 19, which would mark the eighth straight weekly drop.
Meanwhile, traders are also monitoring developments in Europe, where Greece and its creditors are trying to seal a deal over its debt that could see the country avoid defaulting and possibly leaving the euro zone.
Technical Levels
WTI oil has an immediate resistance which stands at 61.50 levels above which gains could be extended to 61.81 levels. Meanwhile, support is seen at 60 levels from here losses could be extended to 59.55 levels.
(Market News Provided by FXstreet)