Forex news and forex forecasts

12/02/2018 18:011

WTI gains to $60.802

Prices of the barrel of the American benchmark for the sweet light crude oil are posting moderate gains at the beginning of the week, retaking the critical $60.00 mark and above. Prices of the black gold met dip buyers on Friday’s fresh 7-week lows in the $58.00 neighborhood, coincident with the 78.6% Fibo retracements of the $55.74-$66.72 up move. The strong bias surrounding the buck plus the recent sell-off in the risk-associated space has collaborated with the decline of the WTI to levels last seen in late December 2017, where some decent support appears to have emerged. Prices are also bolstered today after OPEC officials said the market should be rebalanced at some point by year-end, while the softer tone around the greenback has been also helping. Later in the week, the usual report on US crude oil supplies by the API and the EIA are due on Tuesday and Wednesday respectively ahead of the oil rig count by Baker Hughes on Friday. At the moment the barrel of WTI is up 1.72% at $60.22 facing the next hurdle at $60.77 ahead of $60.89 and finally $61.23. On the downside, a breach of $58.10 would open the door to $58.09 and finally $57.463