11 Feb 2015
WTI back below USD 50/ barrel
FXStreet (Mumbai) - WTI oil futures on the Nymex fell back in red during the European session, having recovered slightly in the previous session on bullish crude inventory report from the American Petroleum Institute (API).
Slips from 50.23 levels
Currently, WTI slipped -0.38% at USD 49.88/ barrel, having fallen to fresh weekly lows at 49.74 levels. Crude edged lower as traders now focus on Energy Information Administration (EIA) inventory report later today, with markets expecting US crude oil inventories to expand by another 3.5 million barrels, following a spike of 6.333 million barrels a week before. Moreover, crude remains pressured after IEA lowered price outlook for both the crude benchmarks its Medium Term Oil Market report.
WTI oil rose earlier in the day after the American Petroleum Institute (API) report showed that crude inventories in the US rose by 1.6 million barrels to 413.7 million barrels in the week ending February 6, compared to estimates of a 3.7 million barrels rise.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 51 levels above which gains could be extended to 51.60 levels. Meanwhile, support is seen at 49 levels from here losses could be extended to 48.50 levels.
Slips from 50.23 levels
Currently, WTI slipped -0.38% at USD 49.88/ barrel, having fallen to fresh weekly lows at 49.74 levels. Crude edged lower as traders now focus on Energy Information Administration (EIA) inventory report later today, with markets expecting US crude oil inventories to expand by another 3.5 million barrels, following a spike of 6.333 million barrels a week before. Moreover, crude remains pressured after IEA lowered price outlook for both the crude benchmarks its Medium Term Oil Market report.
WTI oil rose earlier in the day after the American Petroleum Institute (API) report showed that crude inventories in the US rose by 1.6 million barrels to 413.7 million barrels in the week ending February 6, compared to estimates of a 3.7 million barrels rise.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 51 levels above which gains could be extended to 51.60 levels. Meanwhile, support is seen at 49 levels from here losses could be extended to 48.50 levels.