23 Dec 2014
Oil rebounds amid thin trading
FXStreet (Mumbai) - Crude oil prices on both the sides of Atlantic, rebounding in Asian trading and erased steep losses from an extremely volatile previous session.
Currently, Brent oil trades at USD 60.52/ barrel and WTI oil traded at 55.99, both gains 0.75% and 1.30% respectively on the day. Crude oil prices fell back to five year lows yesterday after Saudi's Oil Minister hinted the nation would increase production if demand supports it.
"We are going to continue to produce what we are producing, we are going to continue to welcome additional production if customers come and ask for it," Saudi Arabia's Oil Minister Ali Al-Naimi said at a conference in Abu Dhabi on Sunday.
However, oil prices may remain supported today as market awaits US economic data which are expected to come in better than forecasts, which may push oil prices higher.
Crude Oil Technical Levels
Brent oil has an immediate resistance which stands at 61.25 (Dec 16 High), above which gains could be extended to 62.66 (Dec 19 High) levels. Meanwhile, support is seen at 59.17 (Dec 18 Low) levels from here losses could be extended to 58.71 (Dec 17 Low) levels.
Currently, Brent oil trades at USD 60.52/ barrel and WTI oil traded at 55.99, both gains 0.75% and 1.30% respectively on the day. Crude oil prices fell back to five year lows yesterday after Saudi's Oil Minister hinted the nation would increase production if demand supports it.
"We are going to continue to produce what we are producing, we are going to continue to welcome additional production if customers come and ask for it," Saudi Arabia's Oil Minister Ali Al-Naimi said at a conference in Abu Dhabi on Sunday.
However, oil prices may remain supported today as market awaits US economic data which are expected to come in better than forecasts, which may push oil prices higher.
Crude Oil Technical Levels
Brent oil has an immediate resistance which stands at 61.25 (Dec 16 High), above which gains could be extended to 62.66 (Dec 19 High) levels. Meanwhile, support is seen at 59.17 (Dec 18 Low) levels from here losses could be extended to 58.71 (Dec 17 Low) levels.