13 Jul 2015
WTI slightly in red near $52.50
FXStreet (Edinburgh) - The barrel of the American benchmark for the light crude oil is extending its decline on Monday, navigating a narrow range around $52.60/50.
WTI focus on Iran, OPEC, Greece
Crude oil prices are struggling to advance into the positive ground at the beginning of the week, as the potential lift of sanctions against Iran keeps limiting occasional bullish attempts.
Furthermore, the OPEC has revised higher its forecasts for oil demand during 2015, although it also sees the global production growing further.
The recent agreement between Greece and the EU institutions failed to ignite a more durable bull run in the riskier assets, giving further strength to the greenback instead.
WTI levels to watch
At the moment WTI is losing 0.38% at 52.54 with the next support at $50.58 (low Jul.7) followed by $49.47 (low Apr.6) and finally $48.11 (low Apr.2). On the other hand, a breakout of $56.78 (high Jul.3) would aim for $57.95 (high Jul.2) and then $58.98 (high Jul.1).
WTI focus on Iran, OPEC, Greece
Crude oil prices are struggling to advance into the positive ground at the beginning of the week, as the potential lift of sanctions against Iran keeps limiting occasional bullish attempts.
Furthermore, the OPEC has revised higher its forecasts for oil demand during 2015, although it also sees the global production growing further.
The recent agreement between Greece and the EU institutions failed to ignite a more durable bull run in the riskier assets, giving further strength to the greenback instead.
WTI levels to watch
At the moment WTI is losing 0.38% at 52.54 with the next support at $50.58 (low Jul.7) followed by $49.47 (low Apr.6) and finally $48.11 (low Apr.2). On the other hand, a breakout of $56.78 (high Jul.3) would aim for $57.95 (high Jul.2) and then $58.98 (high Jul.1).