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2 Jun 2015
WTI climbs above $61.00
FXStreet (Edinburgh) - The price of the barrel of West Texas Intermediate is rallying on Monday, advancing to session tops around $61.50.
WTI up on dollar
The increased offered tone around the greenback is bolstering the abrupt upside in the barrel of WTI at the beginning of the week, posting at the same time fresh multi-day tops in the mid-$61.00s so far.
Crude oil prices also picked up further pace after Saudi Arabia’s oil minister argued that crude demand is gathering traction while supply is shrinking, all ahead of the OPEC meeting on June 5th in Vienna. Recall that market participants expect the cartel to leave its output unchanged at 30 million barrels/day.
WTI relevant levels
The barrel of WTI is advancing 2.13% at $61.49, facing the initial hurdle at $61.71 (high May 18) followed by $61.80 (high May 14) and then $62.27 (high May 12). On the other hand, a breakdown of $60.09 (low Jun.2) would expose $59.33 and finally $57.72 (low May 29).
WTI up on dollar
The increased offered tone around the greenback is bolstering the abrupt upside in the barrel of WTI at the beginning of the week, posting at the same time fresh multi-day tops in the mid-$61.00s so far.
Crude oil prices also picked up further pace after Saudi Arabia’s oil minister argued that crude demand is gathering traction while supply is shrinking, all ahead of the OPEC meeting on June 5th in Vienna. Recall that market participants expect the cartel to leave its output unchanged at 30 million barrels/day.
WTI relevant levels
The barrel of WTI is advancing 2.13% at $61.49, facing the initial hurdle at $61.71 (high May 18) followed by $61.80 (high May 14) and then $62.27 (high May 12). On the other hand, a breakdown of $60.09 (low Jun.2) would expose $59.33 and finally $57.72 (low May 29).