25 Feb 2015
WTI steadies below USD 50/ barrel
FXStreet (Mumbai) - WTI oil futures on the Nymex remained muted, swinging between gains and losses, as traders remain wary ahead of US crude inventory report to be published later in the day.
EIA Crude inventory report awaited
Currently, WTI trades flat at USD 49.30/ barrel, clinging on to USD 49 levels. Crude oil prices are expected to remain pressured as traders may refrain from creating fresh positions ahead of the weekly US stockpiles data that may reveal another increase, adding to the supply glut.
Crude stockpiles in the US are expected to increase by about 3.75 million barrels for the week ending February 20; the Energy Information Administration's report is due to show later today. Last week, US inventories rose by 7.7 million barrels, bringing the total to 425.6 million barrels, the record high.
Meanwhile, upbeat Chinese manufacturing data and a broadly weaker dollar also failed to lift crude prices.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 50 levels above which gains could be extended to 50.97 levels. Meanwhile, support is seen at 48 levels from here losses could be extended to 47.46 levels.
EIA Crude inventory report awaited
Currently, WTI trades flat at USD 49.30/ barrel, clinging on to USD 49 levels. Crude oil prices are expected to remain pressured as traders may refrain from creating fresh positions ahead of the weekly US stockpiles data that may reveal another increase, adding to the supply glut.
Crude stockpiles in the US are expected to increase by about 3.75 million barrels for the week ending February 20; the Energy Information Administration's report is due to show later today. Last week, US inventories rose by 7.7 million barrels, bringing the total to 425.6 million barrels, the record high.
Meanwhile, upbeat Chinese manufacturing data and a broadly weaker dollar also failed to lift crude prices.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 50 levels above which gains could be extended to 50.97 levels. Meanwhile, support is seen at 48 levels from here losses could be extended to 47.46 levels.