8 Dec 2014
Oil falls on oversupply worries
FXStreet (Mumbai) - Crude Oil on both sides of Atlantic continues its bearish momentum and trades close to five year lows on oversupply fears after OPEC refused to cut down production.
Brent oil trades at USD 68.20/ barrel and WTI crude oil trades at USD 65.09/ barrel, both down 0.73% and 1.15% respectively, at time of writing. Crude oil prices remain pressured after Saudi's oil discount for Asia last week and also as Russia revealed plans to keep increasing its oil exports to Asia. An unexpected fall in Chinese imports numbers may also add to the weakness in oil prices.
Crude Oil Technical Levels
Brent oil has an immediate resistance which stands at 68.70 (Dec 7 High), above which gains could be extended to 69.07 (Dec 5 Close) levels. Meanwhile, support is seen at 67.75 (Dec 7 Low) and from here to 67.53 (Dec 1 Low) levels.
Brent oil trades at USD 68.20/ barrel and WTI crude oil trades at USD 65.09/ barrel, both down 0.73% and 1.15% respectively, at time of writing. Crude oil prices remain pressured after Saudi's oil discount for Asia last week and also as Russia revealed plans to keep increasing its oil exports to Asia. An unexpected fall in Chinese imports numbers may also add to the weakness in oil prices.
Crude Oil Technical Levels
Brent oil has an immediate resistance which stands at 68.70 (Dec 7 High), above which gains could be extended to 69.07 (Dec 5 Close) levels. Meanwhile, support is seen at 67.75 (Dec 7 Low) and from here to 67.53 (Dec 1 Low) levels.