3 Dec 2014
Crude gains ahead of the US supply data
FXStreet (Mumbai) - Crude prices at both the sides of the Atlantic are trading slightly higher ahead of the weekly supply data in the US due for release today.
Brent Crude for January delivery is trading 0.60% higher at USD 70.96/barrel, while the WTI Crude for January delivery is trading 0.91% higher at USD 67.53/barrel. The weekly supply data in the US is likely to show crude oil stockpiles rose by 1.3 million barrels last week. The American Petroleum Institute (API) data released yesterday showed inventories fell by 6.5 million barrels in the week ended November 28.
The commodity saw a chart driven recovery on Monday, which was partly aided by a weaker US dollar. However, the prices once again weakened yesterday as the US dollar surged against the basket of currencies.
Brent Crude Technical Levels
Brent has an immediate support located at 70.54, under which prices can fall to 69.78 levels. Meanwhile, resistance is seen at 71.45 and 73.00 levels.
Brent Crude for January delivery is trading 0.60% higher at USD 70.96/barrel, while the WTI Crude for January delivery is trading 0.91% higher at USD 67.53/barrel. The weekly supply data in the US is likely to show crude oil stockpiles rose by 1.3 million barrels last week. The American Petroleum Institute (API) data released yesterday showed inventories fell by 6.5 million barrels in the week ended November 28.
The commodity saw a chart driven recovery on Monday, which was partly aided by a weaker US dollar. However, the prices once again weakened yesterday as the US dollar surged against the basket of currencies.
Brent Crude Technical Levels
Brent has an immediate support located at 70.54, under which prices can fall to 69.78 levels. Meanwhile, resistance is seen at 71.45 and 73.00 levels.