WTI in red around $57.00

FXStreet (Edinburgh) – Prices of the barrel of West Texas Intermediate extended their decline on Thursday in spite of the drop in crude inventories.

WTI down from $58.0

The barrel of WTI is trading in the red territory in spite of the drop by 2.8 million barrels reported by the EIA during the week ended on May 22nd. However, crude oil output increased to 9.08 million barrels/day, keeping alive the upside trend despite the persistent drop in oil rigs in use.

Crude oil prices could not benefit from the weaker dollar either, leaving the upside capped by the critical $60.0 handle so far.

WTI relevant levels

The barrel of WTI is losing 0.85% at $57.02 with the immediate support at $56.54 (low Apr. 29) ahead of $56.51 (low May 28) and finally $56.07 (low Apr. 28). On the upside, a surpass of $58.04 (high May 28) would open the door to $60.94 (high May 21) and then $61.31 (high May 7).

Prices of the barrel of West Texas Intermediate extended their decline on Thursday in spite of the drop in crude inventories…

(Market News Provided by FXstreet)