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25 May 2015
WTI mixed below $ 60 amid holiday-thinned trades
FXStreet (Mumbai) - WTI oil futures on the Nymex erased overnight gains and trades around a flat line in the European morning, having booked a 10th weekly gain in a row past week, the longest rising streak since records started in 1983.
WTI trades in a narrow range
Currently, WTI trades dead flat at 59.73, facing rejected at 60 barrier. Oil prices trades flattish this session with US crude futures boosted as the US driving season officially started, but with the rising US dollar preventing oil prices from further gains.
Meanwhile, the US dollar index trades 0.12% higher today at 96.37, pushing dollar-priced commodities lower as it makes them expensive for traders holding other currencies.
In the day ahead, trading volume will remain thin as US investors are off for Memorial Day, while several European countries are celebrating the holiday as well.
Technical Levels
WTI oil has an immediate resistance which stands at 62 levels above which gains could be extended to 63.50 levels. Meanwhile, support is seen at 58 levels from here losses could be extended to 56.50 levels.
WTI trades in a narrow range
Currently, WTI trades dead flat at 59.73, facing rejected at 60 barrier. Oil prices trades flattish this session with US crude futures boosted as the US driving season officially started, but with the rising US dollar preventing oil prices from further gains.
Meanwhile, the US dollar index trades 0.12% higher today at 96.37, pushing dollar-priced commodities lower as it makes them expensive for traders holding other currencies.
In the day ahead, trading volume will remain thin as US investors are off for Memorial Day, while several European countries are celebrating the holiday as well.
Technical Levels
WTI oil has an immediate resistance which stands at 62 levels above which gains could be extended to 63.50 levels. Meanwhile, support is seen at 58 levels from here losses could be extended to 56.50 levels.