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23 Jun 2015
WTI off highs, still above $61.00
FXStreet (Edinburgh) - The barrel of West Texas Intermediate is posting moderate gains on Tuesday, advancing to weekly tops above the $61.00 mark.
WTI firmer on technicals, US-Russia effervescence
According to oil experts, the drivers behind today’s upside could be found in the technical space, with some important levels triggered in early trade.
Other than technicals, traders’ hopes of another decline in the weekly report on crude oil inventories have been also propping up the bid tone in WTI. In addition, news that the US could help Europe with weapons and force against security threats gave further boost to oil prices.
WTI relevant levels
WTI is now advancing 1.51% at $61.29 and a breakout of $61.83 (high Jun.2) would open the door to $61.91 (high Jun.11) and finally $62.22 (high Jun.10). On the flip side, the immediate support lines up at $58.70 (low Jun.9) ahead of $58.32 (low Jun.8) and then $57.21 (low Jun.5).
WTI firmer on technicals, US-Russia effervescence
According to oil experts, the drivers behind today’s upside could be found in the technical space, with some important levels triggered in early trade.
Other than technicals, traders’ hopes of another decline in the weekly report on crude oil inventories have been also propping up the bid tone in WTI. In addition, news that the US could help Europe with weapons and force against security threats gave further boost to oil prices.
WTI relevant levels
WTI is now advancing 1.51% at $61.29 and a breakout of $61.83 (high Jun.2) would open the door to $61.91 (high Jun.11) and finally $62.22 (high Jun.10). On the flip side, the immediate support lines up at $58.70 (low Jun.9) ahead of $58.32 (low Jun.8) and then $57.21 (low Jun.5).