18 Feb 2015
WTI lower, testing $52.00
FXStreet (Edinburgh) - The barrel of West Texas Intermediate is losing more than 2% on Wednesday, currently hovering over the $52.20/Bbl area.
WTI lower on supply concerns, eyes on API
Crude oil prices are now trading on the defensive and partially eroding recent significant gains amidst renewed concerns about the US excess supply. Geopolitical jitters from Ukraine, Libya and Iraq plus fewer oil rigs in use in the US – according to the last report by driller Baker-Hughes – failed to ignite a more sustained recovery.
Market attention is now on the weekly reports on crude oil inventories by API today and EIA tomorrow, although consensus is pointing to a build up of inventories.
WTI key levels
The barrel of WTI is now losing 2.52 % at $52.18 and a drop below $51.96 (low Feb.13) would expose $49.14 (low Feb.12). On the upside, the initial hurdle aligns at $54.32 (high Feb.17) and then $55.05 (high Feb.3).
WTI lower on supply concerns, eyes on API
Crude oil prices are now trading on the defensive and partially eroding recent significant gains amidst renewed concerns about the US excess supply. Geopolitical jitters from Ukraine, Libya and Iraq plus fewer oil rigs in use in the US – according to the last report by driller Baker-Hughes – failed to ignite a more sustained recovery.
Market attention is now on the weekly reports on crude oil inventories by API today and EIA tomorrow, although consensus is pointing to a build up of inventories.
WTI key levels
The barrel of WTI is now losing 2.52 % at $52.18 and a drop below $51.96 (low Feb.13) would expose $49.14 (low Feb.12). On the upside, the initial hurdle aligns at $54.32 (high Feb.17) and then $55.05 (high Feb.3).