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WTI off highs around $55.90

FXStreet (Edinburgh) - The barrel of West Texas Intermediate left the area of ytd highs beyond the $56.00 handle and is now posting marginal losses near $55.60.

WTI supported at $55.00

The barrel of WTI is deflating from recent peaks, as investors quickly digested the recent lower-than-expected increase in crude inventories according to EIA and the OPEC’s announcement that the demand for crude oil will pick up during this year.

Pouring cold water over the recent upbeat tone, Saudi officials have informed that the kingdom’s output during March reached a record high, almost 10.3 million barrels/day.

WTI relevant levels

The barrel of WTI is now losing 0.89% at $55.89 with the next support at $50.63 (low Apr.9) ahead of $49.57 (low Apr.5) and then $48.09 (low Apr.2). On the other direction, a break above $58.38 (high Dec.19) would open the door to $59.53 (high Dec.12) ahead of $66.84 (high Dec.5).

EUR/GBP unable to recover above 0.7200

EUR/GBP dropped marginally below yesterday’s low and reached at 0.7163, the lowest level since March 19. The euro was able to hold above the 0.7160 zone and recovered modestly.
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GBP/JPY: Moving in to over bought territory towards 178 handle

GBP/JPY is currently trading at 177.78 with a high of 177.97 and a low of 176.5.
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