17 Dec 2014
The Oil Carnage continues
FXStreet (Mumbai) - Both Crude oil benchmarks extended their week long stretch of decline and traded even lower in the Asian session after Russia stood by its stance of keeping its crude production unchanged in 2015.
Currently, Brent oil trades at USD 59.38/ barrel and WTI crude oil trades at USD 55.14/ barrel, both losing -1.05% and -2.02% respectively on the day. Russia reiterated its statement of maintaining its crude production levels steady next year conforming to OPEC’s decision of not slashing crude output in a bid to offer prices some support. Oil prices remain week amid falling emerging market currencies and oversupply woes.
Crude Oil Technical Levels
Brent oil has an immediate resistance which stands at 60.88 (50-day SMA), above which gains could be extended to 61.77 (Dec 14 High) levels. Meanwhile, support is seen at 59.11 (Today’s Low), from here losses could be extended to sub 58.50 (16 Dec Low) levels.
Currently, Brent oil trades at USD 59.38/ barrel and WTI crude oil trades at USD 55.14/ barrel, both losing -1.05% and -2.02% respectively on the day. Russia reiterated its statement of maintaining its crude production levels steady next year conforming to OPEC’s decision of not slashing crude output in a bid to offer prices some support. Oil prices remain week amid falling emerging market currencies and oversupply woes.
Crude Oil Technical Levels
Brent oil has an immediate resistance which stands at 60.88 (50-day SMA), above which gains could be extended to 61.77 (Dec 14 High) levels. Meanwhile, support is seen at 59.11 (Today’s Low), from here losses could be extended to sub 58.50 (16 Dec Low) levels.