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4 May 2015
WTI defends mild gains below $60
FXStreet (Mumbai) - WTI oil futures on the Nymex halted its downslide and advanced gradually in the European session as traders moved past weak Chinese PMI reading and resumed its recent uptrend back by lower crude stock piles data.
WTI supported above $59
Currently, WTI trades slightly higher by 0.38% at fresh session highs near 59.38 levels, retreating from 58.76 lows. Crude prices trades elevated despite strengthening US dollar across the board with the DXY rising to the tune of 0.25% at 95.64.
Oil prices slipped in Asia after traders digested weak Chinese data and news over Iraq’s oil exports. A factory index in China slumped to a 12-month low in April, showing 48.9 points after March's 49.2, while analysts had been expecting a rise to 49.4.
While, Iraq, OPEC's second biggest producer, shipped 92.3 million barrels of oil in April, which is equivalent to 3.08 million barrels per day, the highest level in more than three decades. That compared with 2.98 million per day in March.
Oil Technical Levels
WTI oil has an immediate resistance which stands at 60 levels above which gains could be extended to 61.50 levels. Meanwhile, support is seen at 58 levels from here losses could be extended to 57.60 levels.
WTI supported above $59
Currently, WTI trades slightly higher by 0.38% at fresh session highs near 59.38 levels, retreating from 58.76 lows. Crude prices trades elevated despite strengthening US dollar across the board with the DXY rising to the tune of 0.25% at 95.64.
Oil prices slipped in Asia after traders digested weak Chinese data and news over Iraq’s oil exports. A factory index in China slumped to a 12-month low in April, showing 48.9 points after March's 49.2, while analysts had been expecting a rise to 49.4.
While, Iraq, OPEC's second biggest producer, shipped 92.3 million barrels of oil in April, which is equivalent to 3.08 million barrels per day, the highest level in more than three decades. That compared with 2.98 million per day in March.
Oil Technical Levels
WTI oil has an immediate resistance which stands at 60 levels above which gains could be extended to 61.50 levels. Meanwhile, support is seen at 58 levels from here losses could be extended to 57.60 levels.