FXStreet (Edinburgh) – The barrel of the American benchmark for the light crude oil is recovering some ground lost after yesterday’s deep pullback, currently hovering around $57.30.
WTI still in multi-week lows
Crude oil prices are retreating for the third consecutive week so far, trading in levels last seen in early April around the $57.00 mark. A softer tone in the greenback in response to less auspicious releases in the US calendar has given further respite to WTI today, albeit the recovery proved to be ephemeral eventually.
Data wise, driller Baker Hughes has informed that US oil rigs in use climbed for the first time this year, up 12 to 640 last week, although concerns over the global supply glut continues to weigh on sentiment and somehow limiting the upside.
WTI relevant levels
WTI is now advancing 0.47% at $57.23 facing the next support at $56.80 (low Jul.2) ahead of $56.51 (low May 28) and then $56.07 (low Apr.28). On the other hand, a break above $61.83 (high Jun.2) would open the door to $61.91 (high Jun.11) and finally $62.22 (high Jun.10).
(Market News Provided by FXstreet)