28 Jan 2015
WTI Crude fell to lowest since April 2009
FXStreet (Mumbai) - WTI Crude futures fell to USD 44.11/barrel, its lowest since April 2009, on reports of US crude stocks at three decade highs.
Strong USD and supply concerns hurt crude prices
The Fed policy statement released today did not make an explicit comment on the strong US dollar, thereby creating more room for a data-driven rally in the US dollar. On the other hand, the weekly inventory data released earlier today showed supplies in the US rose 8.87 million barrels to 406.7 million, the most in records compiled since August 1982 by the Energy Information Administration.
Price slide accelerated after the Fed maintained its pledge to be “patient” on raising interest rates and boosted its assessment of the economy and labor market.
WTI Crude Technical Levels
Prices have recovered slightly to trade at USD 44.58/barrel; down 3.58% for the day. The immediate support is seen at 44.36 and 44.11 levels. On the flip side, resistance is seen at 44.66 and 45.15 levels.
Strong USD and supply concerns hurt crude prices
The Fed policy statement released today did not make an explicit comment on the strong US dollar, thereby creating more room for a data-driven rally in the US dollar. On the other hand, the weekly inventory data released earlier today showed supplies in the US rose 8.87 million barrels to 406.7 million, the most in records compiled since August 1982 by the Energy Information Administration.
Price slide accelerated after the Fed maintained its pledge to be “patient” on raising interest rates and boosted its assessment of the economy and labor market.
WTI Crude Technical Levels
Prices have recovered slightly to trade at USD 44.58/barrel; down 3.58% for the day. The immediate support is seen at 44.36 and 44.11 levels. On the flip side, resistance is seen at 44.66 and 45.15 levels.