5 Dec 2014
WTI Crude at day’s low
FXStreet (Mumbai) - Crude oil prices in the US remain weak despite a strong monthly jobs report in the US as sentiment soured after Saudi Arabia offered biggest discount on record to its oil customers across Asia.
WTI Crude for January delivery traded 1.39% lower at USD 65.85/barrel at the time of writing. Moreover, Crude prices hardly reacted to a stellar jobs report in the US as markets priced-in a sort of double whammy from the Saudis. Moreover, markets which were recovering from the Organization of Petroleum Exporting (OPEC) group’s decision to hold production levels unchanged, were caught off-guard after the Saudis state run oil company decided to extend its discount for Arab Light sales to Asia next month to USD 2/barrel below a regional benchmark.
Meanwhile, the inventory data released in the US yesterday also hurt prices. The Energy Information Administration (EIA) released yesterday showed oil production expanded to 9.08 million barrels a day through Nov. 28, the fastest rate in weekly records that started in January 1983.
WTI Crude Technical Levels
Crude has an immediate support located at 65.41, under which prices can fall to 64.31 levels. Meanwhile, resistance is seen at 66.71 and 67.77 levels.
WTI Crude for January delivery traded 1.39% lower at USD 65.85/barrel at the time of writing. Moreover, Crude prices hardly reacted to a stellar jobs report in the US as markets priced-in a sort of double whammy from the Saudis. Moreover, markets which were recovering from the Organization of Petroleum Exporting (OPEC) group’s decision to hold production levels unchanged, were caught off-guard after the Saudis state run oil company decided to extend its discount for Arab Light sales to Asia next month to USD 2/barrel below a regional benchmark.
Meanwhile, the inventory data released in the US yesterday also hurt prices. The Energy Information Administration (EIA) released yesterday showed oil production expanded to 9.08 million barrels a day through Nov. 28, the fastest rate in weekly records that started in January 1983.
WTI Crude Technical Levels
Crude has an immediate support located at 65.41, under which prices can fall to 64.31 levels. Meanwhile, resistance is seen at 66.71 and 67.77 levels.