13 Jan Oil prices: WTI rises above EIA data over $ 62
Oil prices continued to rise in the first half of the American business. The US West Texas Intermediate (WTI) oil rose above the $ 62 mark and turned positive. Most recently, it quoted at $ 62.05, up 0.65 percent.
The US Department of Energy announced that US crude oil reserves fell 7.4 million barrels during the week ended December 29. This far exceeded the consensus estimates.
WTI and Brent reached their highest levels since May 2015. While Iran’s oil production has not been impacted by ongoing protests in the country, global geopolitical tensions are driving oil prices higher. In addition, US low temperatures fuel demand for black gold.
The next resistance levels are 62.60 (high 6th May 2015), 63.40 (high 10th December 2014) and 64 (psychological brand). Supports are at 60 (psychological mark), 59.49 (low December 28, 2017) and 58.30 (low December 26, 2017).