WTI eases from multi-year tops, around $72.30 ahead of API
|- The barrel of WTI posts marginal losses ahead of the API report.
- WTI recorded fresh multi-year peaks around $72.70 earlier today.
- The API report is due later today ahead of the EIA report due tomorrow.
Prices of the West Texas Intermediate are trading with marginal losses on Tuesday, keeping the familiar range above the key $72.00 mark per barrel.
WTI now looks to API
Prices of the barrel of the American benchmark for the sweet light crude oil keep the upper end of the range so far on Tuesday, navigating near earlier more than 3-year peaks around $72.70.
Potential US sanctions against Venezuela – following the re-election of President Maduro - and Iran after the US withdrawal from the nuclear deal have been sustaining the up move in crude oil in past weeks, which gained almost 25% since YTD lows in the $58.20 region seen in mid-February.
Later in the week, the API and the EIA will report on US crude oil stockpiles on Tuesday and Wednesday, respectively, ahead of the weekly US oil rig count tracked by driller Baker Hughes, on Friday.
WTI significant levels
At the moment the barrel of WTI is losing 0.28% at $72.33 facing the next down barrier at $71.48 (10-day sma) followed by $70.28 (low May 14) and finally $69.95 (21-day sma). On the flip side, a breakout of $72.67 (2018 high May 22) would open the door to $73.00 (psychological level) and then $77.77 (high Nov.21 2014).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.