16 Feb 2015
WTI turned lower on Oversupply worries
FXStreet (Mumbai) - WTI oil futures on the Nymex edged lower during the European session, having posted fresh monthly highs in the Asian trading on falling US production.
Back above USD 53/ barrel
Currently, WTI trades lower by -0.45% at USD 53.43/ barrel, moving away from fresh daily lows posted at 52.92 levels earlier in the day. Crude oil declined as expectations of supply gut and a relatively lower demand continued to weigh on the markets amid thin liquidity as US remains shut for the Presidents' Day Holiday.
Earlier in the day, crude prices rose to monthly highs after US drillers lowered the number of rigs in service to the least since 2011, spurring hopes that global oil output will slow and boost demand for the commodity. Moreover, the reports of a fire at a Libyan pipeline and a further escalation in tensions could provide additional short-term support to oil prices.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 54.85 levels above which gains could be extended to 55.11 levels. Meanwhile, support is seen at 52.50 levels from here losses could be extended to 51.65 levels.
Back above USD 53/ barrel
Currently, WTI trades lower by -0.45% at USD 53.43/ barrel, moving away from fresh daily lows posted at 52.92 levels earlier in the day. Crude oil declined as expectations of supply gut and a relatively lower demand continued to weigh on the markets amid thin liquidity as US remains shut for the Presidents' Day Holiday.
Earlier in the day, crude prices rose to monthly highs after US drillers lowered the number of rigs in service to the least since 2011, spurring hopes that global oil output will slow and boost demand for the commodity. Moreover, the reports of a fire at a Libyan pipeline and a further escalation in tensions could provide additional short-term support to oil prices.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 54.85 levels above which gains could be extended to 55.11 levels. Meanwhile, support is seen at 52.50 levels from here losses could be extended to 51.65 levels.