17 Feb 2015
WTI Crude falls more than 2%
FXStreet (Mumbai) - Oil prices in the US have erased gains to trade lower by 2.7% at USD 52.20/barrel ahead of the weekly supply data in the US reported by the American Petroleum Institute (API) and Department of Energy (DOE).
WTI Crude rejected at USD 54.30-55.00 zone
April futures once again failed to rise above the strong technical resistance seen around USD 54.30-55.00 levels. The level has been acting as a strong resistance by capping gains in the commodity since Feb. 4th. Moreover, the gains have been capped despite the Baker Hugs rig count data released on Friday showed the number of rigs drilling for oil in the U.S. fell by 84 last week to 1,056, the lowest since August 2011.
The concerns of excess supply may make a strong comeback if the API and DOE data due for release today and tomorrow continue to show a rise in Crude supplies, which already stand at more than three-decade highs.
WTI Crude Technical Levels
The immediate support is seen at 52.00 levels, under which losses could be extended to 50.00 levels. On the flip side, a rise above 55.00 levels could open doors for 57.00 levels.
WTI Crude rejected at USD 54.30-55.00 zone
April futures once again failed to rise above the strong technical resistance seen around USD 54.30-55.00 levels. The level has been acting as a strong resistance by capping gains in the commodity since Feb. 4th. Moreover, the gains have been capped despite the Baker Hugs rig count data released on Friday showed the number of rigs drilling for oil in the U.S. fell by 84 last week to 1,056, the lowest since August 2011.
The concerns of excess supply may make a strong comeback if the API and DOE data due for release today and tomorrow continue to show a rise in Crude supplies, which already stand at more than three-decade highs.
WTI Crude Technical Levels
The immediate support is seen at 52.00 levels, under which losses could be extended to 50.00 levels. On the flip side, a rise above 55.00 levels could open doors for 57.00 levels.