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20 May 2015

WTI inching higher, eyes on $59.00

FXStreet (Edinburgh) - The barrel of the WTI is advancing modestly on Wednesday, trading just below session tops in the $58.80/85 band.

WTI firmer on decreasing inventories

Crude oil prices are managing to remain in the positive territory bolstered by the drop of 2.7 million barrels in crude inventories during the week ended on May 15, according to the report by the EIA. However, US output remained unchanged from the previous week, leaving concerns of a US supply glut intact.

Furthermore, the firm tone in the greenback plus potential supply disruptions in the Middle East seem to be limiting the upside to levels just above the $59.00 mark.

WTI relevant levels

The barrel of West Texas Intermediate is advancing 1.41% at $58.81 with the next up barrier at $60.84 (high May 14) followed by $61.31 (high May 7) and then $61.85 (high May 13). On the downside, a breach of $56.54 (low Apr. 29) would aim for $56.07 (low Apr. 28) and finally $55.76 (low Apr. 23).
May 20, 2015

USD/CAD struggles around 1.2200 ahead of Fed minutes

USD/CAD has spent most of the day in quiet consolidation above the 1.2200 level as investors await the FOMC meeting minutes.
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May 20, 2015

Nikkei went to multi year highs overnight - BBH

Analyst at Brown Brothers Harriman noted that the Nikkei gapped higher for the second consecutive session overnight and recorded new multi-year highs (since 2000).
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