25 Jun 2015
WTI muted above $ 60
FXStreet (Mumbai) - WTI oil futures on the Nymex trades almost unchanged in Asia, consolidating heavy losses from Wednesday despite bigger than expected drop in US crude stockpiles as surprising rise in gasoline stocks along with US crude output weighed on the black gold.
WTI trades life less
Currently, WTI trades dead flat at 60.26, wobbling above 60 handle. Oil prices trades flat as traders digest EIA weekly report ahead of key US data releases.
Oil stocks held in the US fell by 4.93 million barrels in the week of June 19, to just under 463 million barrels, the lowest level in over three months, the Energy Information Administration (EIA), showed on Wednesday. Markets were expecting a smaller draw of 1.5 million barrels.
The official numbers show the stockpile has fallen by roughly 28 million barrels over the past eight weeks since marking record-highs in late April. Still, the reservoir remains 17.5% larger than it was this time last year.
The output of US oilfields rebounded by 15,000 barrels to 9.60 million barrels per day last week, essentially on par with the multi-decade highs seen at the beginning of the month. Stockpiles of gasoline grew by 680,000 barrels, marking the second weekly increase.
Traders now keep an eye on Greece headline while further awaiting a batch of US economic data for fresh US dollar moves.
Technical Levels
WTI oil has an immediate resistance which stands at 61 levels above which gains could be extended to 61.81 levels. Meanwhile, support is seen at 60 levels from here losses could be extended to 59.55 levels.
WTI trades life less
Currently, WTI trades dead flat at 60.26, wobbling above 60 handle. Oil prices trades flat as traders digest EIA weekly report ahead of key US data releases.
Oil stocks held in the US fell by 4.93 million barrels in the week of June 19, to just under 463 million barrels, the lowest level in over three months, the Energy Information Administration (EIA), showed on Wednesday. Markets were expecting a smaller draw of 1.5 million barrels.
The official numbers show the stockpile has fallen by roughly 28 million barrels over the past eight weeks since marking record-highs in late April. Still, the reservoir remains 17.5% larger than it was this time last year.
The output of US oilfields rebounded by 15,000 barrels to 9.60 million barrels per day last week, essentially on par with the multi-decade highs seen at the beginning of the month. Stockpiles of gasoline grew by 680,000 barrels, marking the second weekly increase.
Traders now keep an eye on Greece headline while further awaiting a batch of US economic data for fresh US dollar moves.
Technical Levels
WTI oil has an immediate resistance which stands at 61 levels above which gains could be extended to 61.81 levels. Meanwhile, support is seen at 60 levels from here losses could be extended to 59.55 levels.