19 Feb 2015
WTI tanks 3% on oversupply worries
FXStreet (Mumbai) - WTI oil futures on the Nymex slumped in overnight trade and remained weak amid expectations of record high oil stockpiles levels reached as per EIA’s report to be published later today.
Hovers around USD 51/ barrel
Currently, WTI trades lower by -3% at USD 54.07/ barrel, close to fresh daily lows posted at 51.10 levels earlier in the day. Crude sank in European session, extending losses from Asia as worries over a global crude oversupply returned to dampen investors' mood.
The American Petroleum Institute (API) reported on Wednesday that oil inventories in the US jumped by another 14.3 million barrels in the week ending February 13, much more than forecasts of 3.1 million barrels.
Fresh weekly data on US oil stockpiles is due to be released by the Energy Information Administration (EIA) later today. Crude inventories are already at their highest level since the agency began tracking weekly data and are expected to show another build-up by 2.957 million barrels to set another record high.
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 52.52 levels above which gains could be extended to 53.45 levels. Meanwhile, support is seen at 50.07 levels from here losses could be extended to 48.93 levels.
Hovers around USD 51/ barrel
Currently, WTI trades lower by -3% at USD 54.07/ barrel, close to fresh daily lows posted at 51.10 levels earlier in the day. Crude sank in European session, extending losses from Asia as worries over a global crude oversupply returned to dampen investors' mood.
The American Petroleum Institute (API) reported on Wednesday that oil inventories in the US jumped by another 14.3 million barrels in the week ending February 13, much more than forecasts of 3.1 million barrels.
Fresh weekly data on US oil stockpiles is due to be released by the Energy Information Administration (EIA) later today. Crude inventories are already at their highest level since the agency began tracking weekly data and are expected to show another build-up by 2.957 million barrels to set another record high.
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 52.52 levels above which gains could be extended to 53.45 levels. Meanwhile, support is seen at 50.07 levels from here losses could be extended to 48.93 levels.