22 Jan 2015
WTI steadies above USD 47 ahead of impending ECB outcome
FXStreet (Mumbai) - WTI oil futures on NYMEX turned lower today after a brief recovery above USD 47 levels seen yesterday’s as traders brace for announcement of a bond-buying programme by the European Central Bank (ECB) that could push the dollar to new highs and weigh down on oil prices.
Currently, WTI oil traded at USD 47.47/ barrel, down -0.65% on the day. Crude oil prices are likely to trade cautious ahead of ECB decision as markets also await US Energy Information Administration (EIA) crude stockpiles later in the day.
US crude oil stockpiles probably rose by 2.6 million barrels in the week ended January 16th, the EIA is expected to report later today, a day later than normal due to Monday’s Martin Luther King Day. Supplies surged by 5.39 million barrels the previous week.
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 47 levels from here losses could be extended to 46.55 levels.
Currently, WTI oil traded at USD 47.47/ barrel, down -0.65% on the day. Crude oil prices are likely to trade cautious ahead of ECB decision as markets also await US Energy Information Administration (EIA) crude stockpiles later in the day.
US crude oil stockpiles probably rose by 2.6 million barrels in the week ended January 16th, the EIA is expected to report later today, a day later than normal due to Monday’s Martin Luther King Day. Supplies surged by 5.39 million barrels the previous week.
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 47 levels from here losses could be extended to 46.55 levels.