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29 May 2015
WTI crude extends gains
FXStreet (Mumbai) - Crude prices in the US extended gains to hit a session of USD 58.69/barrel ahead of the US Q1 GDP data release.
Oil prices were buoyed by a do pint he US crude inventories reported by the Energy Information Agency (EIA) on Thursday. The moderate weakness in the USD index also helped strengthen Crude prices.
The focus, after US GDP, shall shift to the OPEC’s semi-annual meeting scheduled on June 5. Most market participants are expecting that OPEC, led by its most influential member Saudi Arabia, will maintain its production target of 30 million barrels of oil a day when it meets in Vienna next Friday.
WTI Crude Technical Levels
The futures currently trade at USD 58.55/barrel; up 1.5% on the day. The immediate resistance is seen at 58.88 (200-DMA) and 60.00. On the other hand, immediate support is seen at 58.00 and 57.36.
Oil prices were buoyed by a do pint he US crude inventories reported by the Energy Information Agency (EIA) on Thursday. The moderate weakness in the USD index also helped strengthen Crude prices.
The focus, after US GDP, shall shift to the OPEC’s semi-annual meeting scheduled on June 5. Most market participants are expecting that OPEC, led by its most influential member Saudi Arabia, will maintain its production target of 30 million barrels of oil a day when it meets in Vienna next Friday.
WTI Crude Technical Levels
The futures currently trade at USD 58.55/barrel; up 1.5% on the day. The immediate resistance is seen at 58.88 (200-DMA) and 60.00. On the other hand, immediate support is seen at 58.00 and 57.36.