18 Feb 2015
WTI falls on rising inventory bets
FXStreet (Mumbai) - WTI oil futures on the Nymex erased previous gains fell in the early European morning largely due to the renewed strength in the US dollar across the board ahead of FOMC minutes.
Hovers around USD 54/ barrel
Currently, WTI trades lower by -0.41% at USD 54.07/ barrel, moving away from daily lows posted at 53.88 levels earlier in the day. Crude oil edge lower, however trade in a choppy range amid thin volumes as most of the Asian traders on the sidelines due to the Lunar New Year holidays. Moreover, expectations of crude stockpiles built up in EIA’s US oil inventories weekly report to be released on Thursday added to the losses on oil prices.
Meanwhile, traders remain cautious given the geo political uncertainties in Greece and in Libya.
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.
Hovers around USD 54/ barrel
Currently, WTI trades lower by -0.41% at USD 54.07/ barrel, moving away from daily lows posted at 53.88 levels earlier in the day. Crude oil edge lower, however trade in a choppy range amid thin volumes as most of the Asian traders on the sidelines due to the Lunar New Year holidays. Moreover, expectations of crude stockpiles built up in EIA’s US oil inventories weekly report to be released on Thursday added to the losses on oil prices.
Meanwhile, traders remain cautious given the geo political uncertainties in Greece and in Libya.
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.