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1 Apr 2015
WTI jumps above $50.00
FXStreet (Edinburgh) - The barrel of WTI is rapidly gaining ground on Wednesday, currently hovering over the critical barrier at $50.
WTI stronger on gasoline inventories, Iran
Crude oil prices are gaining momentum despite EIA has informed that inventories increased by 4.8 million barrels to 471.4 million barrels in the week ended on March 27th. However the sharp drop in gasoline inventories encouraged traders to factor in a potential stronger demand, pushing crude oil prices higher.
In the same tone, the ongoing Iran nuclear talks still yielded no results despite negotiations are now beyond the previous deadline.
WTI key levels
The barrel of WTI is now up 5.80% at $50.36 with the immediate hurdle at $51.35 (high Mar.27) ahead of $52.02 (high Mar.10) and finally $53.04 (high Mar.6). On the flip side, a breakdown of 47.05 (low Apr.1) would aim for 47.01 (low Mar.25) ahead of $46.67 (low Mar.24).
WTI stronger on gasoline inventories, Iran
Crude oil prices are gaining momentum despite EIA has informed that inventories increased by 4.8 million barrels to 471.4 million barrels in the week ended on March 27th. However the sharp drop in gasoline inventories encouraged traders to factor in a potential stronger demand, pushing crude oil prices higher.
In the same tone, the ongoing Iran nuclear talks still yielded no results despite negotiations are now beyond the previous deadline.
WTI key levels
The barrel of WTI is now up 5.80% at $50.36 with the immediate hurdle at $51.35 (high Mar.27) ahead of $52.02 (high Mar.10) and finally $53.04 (high Mar.6). On the flip side, a breakdown of 47.05 (low Apr.1) would aim for 47.01 (low Mar.25) ahead of $46.67 (low Mar.24).