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WTI crude prices fell on Wednesday, weighed down by a rebound in the U.S. dollar from three-year lows hit last week and an expected rise in U.S. oil production.
U.S. West Texas Intermediate (WTI) crude futures were at $61.07 a barrel at 0446 GMT, down 72 cents, or 1.2 percent, from their last settlement. Brent crude futures fell 60 cents, or 0.9 percent, from their last close to $64.65 per barrel.
Traders said the declines were driven by a recovery in the dollar, which potentially hits fuel demand as it makes greenback-denominated oil imports more expensive for countries using other currencies.
The dollar index, which measures the greenback against a basket of six major currencies, rose for a second day on Wednesday, moving further away from the three-year lows reached last week.
The next set of weekly U.S. oil production data is due to be published by the Energy Information Administration (EIA) on Thursday after a one-day delay because of the President’s Day holiday on Monday.
On the technical charts, WTI crude is trading sideways and below the 9 day and the 20 day EMA. The RSI is at 45.25 and the MACD is below the signal line. The market is expected to negative for the day.
Sell stop at 60.94, Take profit at 60.50, Stop loss at 61.10