FXStreet – The price of Oil rise and rise. Also in the week’s kick-off it goes continuously upwards. So it went for the US variety of West Texas Intermediate (WTI) by more than 1 percent on 51,30/40 USD upwards.
The prices for black Gold have now stepped up the pressure on the upper side in the face of a continuation of the acute weakness of the seizure of the Greenbacks, which, as measured by the U.S. Dollar Index to a new low for the year, collapsed.
In addition, rise in Oil prices was reflected in the recent price in the hope that it’s on the 25. May is an extension of OPEC production cuts. The chances are getting better and the market continuing throttling as a foregone conclusion.
In addition, the U.S. Oil reserves have declined in the past two weeks, as the weekly Reports from the American Petroleum Institute (API) and the U.S. Department of energy to remove the EIA.
The investors have until then to Worry about an Oversupply of Oil on the world market again, negated, in spite of the increase in the active U.S. Drilling for oil, according to the US-services provider Baker Hughes. They were risen in the previous week to 8 to 712.
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WTI – Important course brands
WTI traded recently at 51,27 USD 1.18 percent in the Plus. The next Resistances lie at 51,42 (High of 22. May), 52,65 (High 19. April) 53,76 (12. April). Backups, however, are found in up 49.94 (61.8% Fibo), 49,62 (the 200-day line) and 48,76 (50% Fibo).
** FXStreet News Editorial, FXStreet**