WTI fails to sustain the recovery, drops back below $60 Suez Canal blockage and risk-on mood fail to entice oil buyers. A firmer US dollar caps the upside attempts in the US oil. Having failed to resist above the $60 level, WTI (futures on NYMEX) fell sharpy to $59.36 before recapturing the $59.50 threshold. At the press time, the US oil trades at $59.75, higher by 2% on the day. The black gold eyes the third straight weekly loss. The WTI barrel caught a fresh bid-wave in the late-American trading on Thursday and staged a solid comeback, courtesy of the fears that the Suez Canal blockage could last for weeks. A large container ship got stuck between both banks in the Suez Canal, which has led to the suspension of the traffic through the narrow channel linking Europe and Asia. A small percentage of the world’s crude is shipped through the canal. However, the recovery fizzles out as the US dollar holds firmer near four-month highs across its main peers, in light of increasing expectations of faster US economic recovery. A stronger greenback makes the USD-denominated oil expensive for foreign buyers. Looking ahead, a slew of US economic data and Baker Hughes oil rigs count data will be eyed for near-term trading opportunities. The updates about the Suez Canal situation could also have some impact on the black gold. WTI: Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/USD: Upbeat UK developments to fail to keep sterling bid amid growing global worries FX Street 1 year WTI fails to sustain the recovery, drops back below $60 Suez Canal blockage and risk-on mood fail to entice oil buyers. A firmer US dollar caps the upside attempts in the US oil. Having failed to resist above the $60 level, WTI (futures on NYMEX) fell sharpy to $59.36 before recapturing the $59.50 threshold. At the press time, the US oil trades at $59.75, higher by 2% on the day. The black gold eyes the third straight weekly loss. The WTI barrel caught a fresh bid-wave in the late-American trading on Thursday and staged a solid comeback, courtesy… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.