5 Jan 2015
WTI Crude inching towards USD 50/barrel for the first time since 2009
FXStreet (Mumbai) - Crude prices in the US continue to fall towards USD 50/barrel; a level last seen in 2009 as concerns of supply glut and a strong US dollar weighs over prices.
WTI Crude for February delivery has weakened USD 2.19 to trade at USD 50.49/barrel. Prices came under pressure on reports that Russian and Iraq oil supplies surged to the highest level in decades. Russian oil production rose 0.3% in December to a post-Soviet record of 10.667 million barrels a day, according to preliminary data from the Kremlin's energy ministry. Meanwhile, a strong US dollar also weighed over the Crude prices. Earlier today, the USD index clocked a high of 92.05, before settling at the current rate of 91.74.
WTI Crude Technical Levels
The immediate support is seen at a psychological level of 50.00, under which an immediate technical support is seen at 49.90 (Jan 2007 low). Further support levels are seen at 49.40 (Aug 2008 high). On the other hand, resistance is seen at 52.00 and 52.70 (5-DMA) levels.
WTI Crude for February delivery has weakened USD 2.19 to trade at USD 50.49/barrel. Prices came under pressure on reports that Russian and Iraq oil supplies surged to the highest level in decades. Russian oil production rose 0.3% in December to a post-Soviet record of 10.667 million barrels a day, according to preliminary data from the Kremlin's energy ministry. Meanwhile, a strong US dollar also weighed over the Crude prices. Earlier today, the USD index clocked a high of 92.05, before settling at the current rate of 91.74.
WTI Crude Technical Levels
The immediate support is seen at a psychological level of 50.00, under which an immediate technical support is seen at 49.90 (Jan 2007 low). Further support levels are seen at 49.40 (Aug 2008 high). On the other hand, resistance is seen at 52.00 and 52.70 (5-DMA) levels.