6 Apr 2015
WTI hits fresh 2-week highs
FXStreet (Mumbai) - WTI oil futures on the Nymex posed a solid rebound today, ending the past week almost unchanged, on news that workers would resume at the US refinery putting an end to the strike soon.
WTI supported above USD 50/ barrel
Currently, WTI trades nearly 3.39% higher at fresh two week highs of 50.88. Crude prices regained strength today largely driven by news that striking unionised workers at one of the remaining five US oil refineries still on strike had agreed to return to work next week.
Moreover, a muted US dollar following worse-than expected US non-farm payrolls data also supports the rally in oil prices.
However, gains in oil prices may be short-lived as oversupply worries persists in markets. In the US, the weekly report by the Energy Information Administration showed on Wednesday that US crude inventories rose for the 12th week in a row to reach a new record high of well over 471 million barrels. The increase of 4.766 million barrels topped estimates of a 4.181 million gain.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 51.38 levels above which gains could be extended to 52 levels. Meanwhile, support is seen at 49 levels from here losses could be extended to 48.21 levels.
WTI supported above USD 50/ barrel
Currently, WTI trades nearly 3.39% higher at fresh two week highs of 50.88. Crude prices regained strength today largely driven by news that striking unionised workers at one of the remaining five US oil refineries still on strike had agreed to return to work next week.
Moreover, a muted US dollar following worse-than expected US non-farm payrolls data also supports the rally in oil prices.
However, gains in oil prices may be short-lived as oversupply worries persists in markets. In the US, the weekly report by the Energy Information Administration showed on Wednesday that US crude inventories rose for the 12th week in a row to reach a new record high of well over 471 million barrels. The increase of 4.766 million barrels topped estimates of a 4.181 million gain.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 51.38 levels above which gains could be extended to 52 levels. Meanwhile, support is seen at 49 levels from here losses could be extended to 48.21 levels.