21 Jan 2015
WTI recovers, remains below USD 47/ barrel
FXStreet (Mumbai) - WTI oil futures on NYMEX recovered today, after the slump posted in the prior session, trading below the USD 47 level. However, fears over the global oil oversupply still continue to weigh.
Currently, WTI oil traded at USD 46.86/ barrel, up 0.84% on the day. Crude oil prices climbed back in green today as traders covered their short positions in a bout of profit taking after the fall seen yesterday. Meanwhile, the traders continue to digest the latest report by the International Monetary Fund where it slashed its global economic projections, saying that the positive effects of low oil prices are likely to be offset by weakness in China, Europe, Japan as well as Russia.
Further, traders are likely to view any recovery in prices as a short term shorting opportunity as crude oil continues to stay below the USD 50/ barrel mark.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 48.19 levels above which gains could be extended to 48.91 levels. Meanwhile, support is seen at 46.34 levels from here losses could be extended to 45.60 levels.
Currently, WTI oil traded at USD 46.86/ barrel, up 0.84% on the day. Crude oil prices climbed back in green today as traders covered their short positions in a bout of profit taking after the fall seen yesterday. Meanwhile, the traders continue to digest the latest report by the International Monetary Fund where it slashed its global economic projections, saying that the positive effects of low oil prices are likely to be offset by weakness in China, Europe, Japan as well as Russia.
Further, traders are likely to view any recovery in prices as a short term shorting opportunity as crude oil continues to stay below the USD 50/ barrel mark.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 48.19 levels above which gains could be extended to 48.91 levels. Meanwhile, support is seen at 46.34 levels from here losses could be extended to 45.60 levels.