12 Dec 2014
WTI Crude oil below USD 60 mark
FXStreet (MUmbai) - WTI Crude oil deliveries on NYMEX extended losses and trades close to five-year low in the mid-Asian trading as renewed selling pressure added to ongoing rout in oil prices.
WTI crude oil trades now at USD 59.41/ barrel, down -0.90%, after having slammed a low of USD 58.85/ barrel in early Asian morning. Oil prices slides to lowest levels since 2007 amid speculation that OPEC’s biggest members will defend market share against U.S. shale producers. Further, a stronger dollar after upbeat US retail sales is also likely to weaken oil prices.
Crude Oil Technical Levels
WTI crude oil has an immediate resistance which stands at 59.99 (20-day SMA), above which gains could be extended to 60.43 (Dec 10 Low) levels. Meanwhile, support is seen at 59.22 (10-day SMA), below which losses could be extended to 58.96 (Dec 11 Low) levels.
WTI crude oil trades now at USD 59.41/ barrel, down -0.90%, after having slammed a low of USD 58.85/ barrel in early Asian morning. Oil prices slides to lowest levels since 2007 amid speculation that OPEC’s biggest members will defend market share against U.S. shale producers. Further, a stronger dollar after upbeat US retail sales is also likely to weaken oil prices.
Crude Oil Technical Levels
WTI crude oil has an immediate resistance which stands at 59.99 (20-day SMA), above which gains could be extended to 60.43 (Dec 10 Low) levels. Meanwhile, support is seen at 59.22 (10-day SMA), below which losses could be extended to 58.96 (Dec 11 Low) levels.