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25 Feb 2015
WTI up around $50.00
FXStreet (Edinburgh) - The barrel of West Texas Intermediate is reverting a 4-session negative streak on Wednesday so far, now hovering over the key mark at $50.00/bbl after hitting highs around $50.30/bbl.
WTI firmer, dollar retreats
The soft tone around the greenback following the dovish testimonies from Chairwoman J.Yellen yesterday and today keeps bolstering the correction higher in WTI, looking to recover part of the recent sharp pullback.
The WTI manages to advance despite crude oil inventories increased by 8.40 million/barrels to 434.1 million/barrels in the week ended on February 20th, advancing for the seventh consecutive week and printing the highest level for this time of the year in the last 80 years.
WTI key levels
The barrel of WTI is now up 1.24% at $49.89 with the next resistance at%50.97 (high Feb.23) ahead of $52.72 (high Feb.19) and then $54.32 (high Feb.17). On the flip side, a breach of $48.20 (low Feb.5) would expose $47.46 (low Feb.2) and finally $45.07 (low Jan.30).
WTI firmer, dollar retreats
The soft tone around the greenback following the dovish testimonies from Chairwoman J.Yellen yesterday and today keeps bolstering the correction higher in WTI, looking to recover part of the recent sharp pullback.
The WTI manages to advance despite crude oil inventories increased by 8.40 million/barrels to 434.1 million/barrels in the week ended on February 20th, advancing for the seventh consecutive week and printing the highest level for this time of the year in the last 80 years.
WTI key levels
The barrel of WTI is now up 1.24% at $49.89 with the next resistance at%50.97 (high Feb.23) ahead of $52.72 (high Feb.19) and then $54.32 (high Feb.17). On the flip side, a breach of $48.20 (low Feb.5) would expose $47.46 (low Feb.2) and finally $45.07 (low Jan.30).