20 Jan 2015
WTI crude falls below USD 48 after IMF cuts growth forecasts
FXStreet (Mumbai) - Crude oil prices in the US took a hit after the International Monetary Fund revised its 2015 global growth forecast lower to 3.5%, from the previous forecast of 3.8%.
WTI Crude for March delivery traded 3.26% lower at USD 47.53/barrel at the time of writing. In its latest report, the fund reduced its global growth forecasts for 2015 and 2016 by 0.3 percentage points to 3.5% and 3.7% respectively. The bearish pressure increased further after China reported full year 2015 growth rate at 7.4%, its slowest in more than a decade. Meanwhile, prices failed to gain strength yesterday after Saudi Arabi reported November exports at multimonth highs, while Iran Oil Minister rejected the rumors of energy OPEC meet.
WTI Crude Oil Technical Levels
The immediate resistance is seen at 48.00, above which gains could be extended to 49.15 levels. Meanwhile, support is seen 47.50 and 46.53 levels.
WTI Crude for March delivery traded 3.26% lower at USD 47.53/barrel at the time of writing. In its latest report, the fund reduced its global growth forecasts for 2015 and 2016 by 0.3 percentage points to 3.5% and 3.7% respectively. The bearish pressure increased further after China reported full year 2015 growth rate at 7.4%, its slowest in more than a decade. Meanwhile, prices failed to gain strength yesterday after Saudi Arabi reported November exports at multimonth highs, while Iran Oil Minister rejected the rumors of energy OPEC meet.
WTI Crude Oil Technical Levels
The immediate resistance is seen at 48.00, above which gains could be extended to 49.15 levels. Meanwhile, support is seen 47.50 and 46.53 levels.