16 Feb 2015
WTI flattish ahead of Europe open, awaits fresh incentives
FXStreet (Mumbai) - WTI oil futures on the Nymex retreated from fresh one-month highs today and traded flattish, looking for clear direction ahead of the Europe open.
Retreats from fresh monthly highs at USD 54.42 levels
Currently, WTI trades modestly flat at USD 53.59/ barrel, close to fresh daily lows posted at 53.30 levels earlier in the day. Crude oil traded little changed today as markets remained on the edge amid thin liquidity as US remains closed for the Presidents' Day Holiday. Crude prices may remain supported as US drillers lowered the number of rigs in service to the least since 2011, spurring hopes that global oil output will slow and boost demand for the commodity.
Moreover, the reports of a fire at a Libyan pipeline and a further escalation in tensions could provide additional short-term support to oil prices, with Libya's National Oil stating it would stop pumping crude at all its fields if the attacks continue. Output has been slashed by about 180,000 barrels per day after the bombing of a pipeline that carries oil to the eastern port of Hariga.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 54.85 levels above which gains could be extended to 55.11 levels. Meanwhile, support is seen at 53 levels from here losses could be extended to 51.65 levels.
Retreats from fresh monthly highs at USD 54.42 levels
Currently, WTI trades modestly flat at USD 53.59/ barrel, close to fresh daily lows posted at 53.30 levels earlier in the day. Crude oil traded little changed today as markets remained on the edge amid thin liquidity as US remains closed for the Presidents' Day Holiday. Crude prices may remain supported as US drillers lowered the number of rigs in service to the least since 2011, spurring hopes that global oil output will slow and boost demand for the commodity.
Moreover, the reports of a fire at a Libyan pipeline and a further escalation in tensions could provide additional short-term support to oil prices, with Libya's National Oil stating it would stop pumping crude at all its fields if the attacks continue. Output has been slashed by about 180,000 barrels per day after the bombing of a pipeline that carries oil to the eastern port of Hariga.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 54.85 levels above which gains could be extended to 55.11 levels. Meanwhile, support is seen at 53 levels from here losses could be extended to 51.65 levels.