WTI crude has once declined after showing a jump till $59.61 yesterday. The commodity has shown a weakness amid supply disruption in Libya and Iraq. But US oil production increased to an estimated record high of 13 million barrels per day. It hits an intraday low of $57.74 and is currently trading around $57.90.
Technically, major support stands at $57.60 (200- day MA) and any indicative break below targets $56.58/$55.32.
On the higher side, immediate resistance stands at $58.36 and break beyond will take the commodity till $58.71/$59.64.
It is good to sell on rallies around $58.10-15 with SL around $58.72 for the TP of $55.50.
