17 Feb 2015
WTI sharply lower, near $52.50
FXStreet (Edinburgh) - The barrel of WTI is partially eroding recent gains, currently hovering over the mid-52.00s.
WTI focus on EIA report
Renewed concerns over an excess supply in the US keep weighing on sentiment, although developments in the Russia-Ukraine front and Libya carry the potential of limiting the pullbacks.
In the meantime, the weekly report on crude oil inventories by the US Energy Information Administration (EIA) due tomorrow will be the main risk event for oil traders (4.868 M prev.).
WTI key levels
The barrel of WTI is now losing 2.12 % at $52.53 and a drop below $51.96 (loe Feb.13) would expose $49.14 (low Feb.12) would expose $50.07 (low Feb.12). On the upside, the initial hurdle aligns at $54.32 (high Feb.17) and then $55.05 (high Feb.3).
WTI focus on EIA report
Renewed concerns over an excess supply in the US keep weighing on sentiment, although developments in the Russia-Ukraine front and Libya carry the potential of limiting the pullbacks.
In the meantime, the weekly report on crude oil inventories by the US Energy Information Administration (EIA) due tomorrow will be the main risk event for oil traders (4.868 M prev.).
WTI key levels
The barrel of WTI is now losing 2.12 % at $52.53 and a drop below $51.96 (loe Feb.13) would expose $49.14 (low Feb.12) would expose $50.07 (low Feb.12). On the upside, the initial hurdle aligns at $54.32 (high Feb.17) and then $55.05 (high Feb.3).