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13 Apr 2015
WTI surrendered gains
FXStreet (Edinburgh) - The barrel of the American benchmark for the light crude oil has given away initial gains and is now back to the proximity of the opening levels around $51.60.
WTI firmer on China woes
The barrel of WTI started the week on a firmer footing, as the likeliness of further monetary easing in China gained traction after the disappointing trade balance figures during March.
Crude oil prices managed to leave behind last week’s increase of crude inventories, finding extra support after driller Baker Hughes reported another drop of US oil rigs in use during the last week.
WTI key levels
The barrel of WTI is now gaining 0.08% at $51.68 and a break above $53.14 (high Apr.8) would open the door to $54.85 (high Jan.2) ahead of $56.56 (high Dec.26). On the downside, the immediate support lies at $50.63 (low Apr.9) ahead of $49.57 (low Apr.5) and then $48.09 (low Apr.2).
WTI firmer on China woes
The barrel of WTI started the week on a firmer footing, as the likeliness of further monetary easing in China gained traction after the disappointing trade balance figures during March.
Crude oil prices managed to leave behind last week’s increase of crude inventories, finding extra support after driller Baker Hughes reported another drop of US oil rigs in use during the last week.
WTI key levels
The barrel of WTI is now gaining 0.08% at $51.68 and a break above $53.14 (high Apr.8) would open the door to $54.85 (high Jan.2) ahead of $56.56 (high Dec.26). On the downside, the immediate support lies at $50.63 (low Apr.9) ahead of $49.57 (low Apr.5) and then $48.09 (low Apr.2).