26 Nov 2014
WTI Crude falls 40 cents after disappointing US data
FXStreet (Mumbai) - Crude prices in the US fell after the disappointing US jobless claims and Durable goods orders data hit the wires.
WTI Crude for January delivery traded 0.60% lower at USD 73.60/barrel at the time of writing. The prices had declined 40 cents after the initial jobless claims for the last week surprisingly rose above 300K, while the Durable goods orders ex-transportation registered a contraction in October. Capital goods orders ex-defense also registered a contraction in October. Meanwhile, the Chicago PMI in November came-in at 60.8, below expectations of 63.00. The decline was led by fall in new orders index.
Oil markets also await the weekly supply data from the Energy Information Agency (EIA) due for release today. However, the overall focus is likely to remain on the OPEC meet scheduled tomorrow.
WTI Crude Technical Levels
The prices have an immediate support at 73.22, breach of which may push the prices down to 72.43 (Jan 2010 low). Meanwhile, resistance is seen at 73.92 and 74.44 levels.
WTI Crude for January delivery traded 0.60% lower at USD 73.60/barrel at the time of writing. The prices had declined 40 cents after the initial jobless claims for the last week surprisingly rose above 300K, while the Durable goods orders ex-transportation registered a contraction in October. Capital goods orders ex-defense also registered a contraction in October. Meanwhile, the Chicago PMI in November came-in at 60.8, below expectations of 63.00. The decline was led by fall in new orders index.
Oil markets also await the weekly supply data from the Energy Information Agency (EIA) due for release today. However, the overall focus is likely to remain on the OPEC meet scheduled tomorrow.
WTI Crude Technical Levels
The prices have an immediate support at 73.22, breach of which may push the prices down to 72.43 (Jan 2010 low). Meanwhile, resistance is seen at 73.92 and 74.44 levels.