27 Jan 2015
WTI back below USD 45/ barrel
FXStreet (Mumbai) - WTI oil futures on NYMEX continued its downtrend and headed towards fresh six-year lows ignoring the latest comments from an OPEC official, who stated that oil prices may have found a floor.
Currently, WTI oil traded at USD 44.94/ barrel, down -0.48% on the day, inching towards fresh six year lows at 44.36 levels reached in the previous session. Crude oil prices bounce-off from lows yesterday after OPEC Secretary General Abdullah al-Badri said that oil prices might have hit the bottom around USD 45 to USD 55 per barrel and may "see some rebound very soon."
However, rebound in oil prices was short lived as crude continued its slide on expectations that US crude supplies may have jumped by 4.25 million barrels in the week ending January 23, following a surge of 10.1 million barrels a week earlier. Also, US government officials predict oil production to rise to 9.5 million barrels next year, which would be the second highest level on record.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 46 levels above which gains could be extended to 46.36 levels. Meanwhile, support is seen at 44.44 levels from here losses could be extended to 44 levels.
Currently, WTI oil traded at USD 44.94/ barrel, down -0.48% on the day, inching towards fresh six year lows at 44.36 levels reached in the previous session. Crude oil prices bounce-off from lows yesterday after OPEC Secretary General Abdullah al-Badri said that oil prices might have hit the bottom around USD 45 to USD 55 per barrel and may "see some rebound very soon."
However, rebound in oil prices was short lived as crude continued its slide on expectations that US crude supplies may have jumped by 4.25 million barrels in the week ending January 23, following a surge of 10.1 million barrels a week earlier. Also, US government officials predict oil production to rise to 9.5 million barrels next year, which would be the second highest level on record.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 46 levels above which gains could be extended to 46.36 levels. Meanwhile, support is seen at 44.44 levels from here losses could be extended to 44 levels.