3 Dec 2014
WTI Crude slides 39 cents despite a fall in inventories
FXStreet (Mumbai) - Crude prices in the US declined after the data from the Energy Information Agency (EIA) showed a decline in the inventory levels in the last week.
WTI Crude now trades 1.03% higher at USD 67.57/barrel, down from the pre-inventory data high of USD 68.04/barrel. The prices declined from the day’s high despite the weekly stockpile data in the US printing at -3.689M, well below the market expectation of 0.7M. Moreover, the American Petroleum Institute (API) data released yesterday had shown a decline in inventories by 6.5 million barrels in the week ended November 28.
WTI Crude Technical Levels
Crude has an immediate resistance at 68.04, above which gains could be extended to 68.72 levels. Meanwhile, support is seen at 66.71 and 66.10 levels.
WTI Crude now trades 1.03% higher at USD 67.57/barrel, down from the pre-inventory data high of USD 68.04/barrel. The prices declined from the day’s high despite the weekly stockpile data in the US printing at -3.689M, well below the market expectation of 0.7M. Moreover, the American Petroleum Institute (API) data released yesterday had shown a decline in inventories by 6.5 million barrels in the week ended November 28.
WTI Crude Technical Levels
Crude has an immediate resistance at 68.04, above which gains could be extended to 68.72 levels. Meanwhile, support is seen at 66.71 and 66.10 levels.