WTI Crude rallied yesterday and reached $61.6/barrel. Gains were first seen as the commodity reacted to the weaker Dollar; as oil is purchased in Dollars, it tends to benefit from the weaker currency. Later in the session, the API released an inventory report which showed that stockpiles dropped by 2 million barrels over the past week. Analysts had expected stock to decline by a smaller amount and the figure suggested that the supply gut could be nearing an end.
Today, the price is trading sideways. Traders should watch a report from the EIA at 2.30 PM (GMT). The movement is sideways. Support is found at 58.10 and resistance at 62.60.
May 13, 2015 – Commodities News
Crude Oil
WTI Crude rallied yesterday and reached $61.6/barrel. Gains were first seen as the commodity reacted to the weaker Dollar; as oil is purchased in Dollars, it tends to benefit from the weaker currency. Later in the session, the API released an inventory report which showed that stockpiles dropped by 2 million barrels over the past week. Analysts had expected stock to decline by a smaller amount and the figure suggested that the supply gut could be nearing an end.
Today, the price is trading sideways. Traders should watch a report from the EIA at 2.30 PM (GMT). The movement is sideways. Support is found at 58.10 and resistance at 62.60.
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