18 Dec 2014
Oil rebounds, off 5-year lows
FXStreet (Mumbai) - Both Crude oil benchmarks rebounded from five-year low levels as oil prices took a breather after a month-long heavy-sell.
Currently, Brent oil trades at USD 61.37/ barrel and WTI crude oil trades at USD 56.87/ barrel, both gaining 1.10% and 0.14% respectively on the day. Oil prices stalled its ongoing rout after the U.S. Energy Information Administration reported a smaller-than-expected decline in U.S. crude supplies in the week ended Dec. 12. The data stoked buying interest after sellers seemed to have caught a breath after steep declines in crude accelerated this week.
Crude Oil Technical Levels
Brent oil has an immediate resistance which stands at 61.77 (Dec 14 High), above which gains could be extended to 62.50 levels. Meanwhile, support is seen at 60.52 (20-day SMA), from here losses could be extended to sub 60 levels.
Currently, Brent oil trades at USD 61.37/ barrel and WTI crude oil trades at USD 56.87/ barrel, both gaining 1.10% and 0.14% respectively on the day. Oil prices stalled its ongoing rout after the U.S. Energy Information Administration reported a smaller-than-expected decline in U.S. crude supplies in the week ended Dec. 12. The data stoked buying interest after sellers seemed to have caught a breath after steep declines in crude accelerated this week.
Crude Oil Technical Levels
Brent oil has an immediate resistance which stands at 61.77 (Dec 14 High), above which gains could be extended to 62.50 levels. Meanwhile, support is seen at 60.52 (20-day SMA), from here losses could be extended to sub 60 levels.