11 Feb 2015
Crude oil extends fall ahead of the supply report
FXStreet (Mumbai) - Crude prices in the US extended the decline ahead of the supply report in the US which is expected to show inventories rose by 3.8 million barrels last week.
WTI Crude falls below USD 49.50/barrel
Prices hit a fresh session low of USD 49.13/barrel ahead of the weekly supply report in the US. The American Petroleum Institute (API) reported yesterday that inventories rose by 1.6 million barrels in the week ended February 6, compared to a build of 6.1 million in the preceding week.
Moreover, the recovery in crude prices stalled after the International Energy Agency (IEA), in its latest report, warned that supply in OECD countries may rise to near record high levels in 2015. Furthermore, the sentiment remains subdued ahead of a meeting of Eurogroup finance ministers in Brussels later in the day.
WTI Crude Technical Levels
The futures currently trade 1.22% lower at USD 49.44/barrel. The immediate support is seen at 49.13, under which losses could be extended to 48.59 levels. On the flip side, immediate resistance is seen at 50.00 and 50.50 (50-DMA) levels.
WTI Crude falls below USD 49.50/barrel
Prices hit a fresh session low of USD 49.13/barrel ahead of the weekly supply report in the US. The American Petroleum Institute (API) reported yesterday that inventories rose by 1.6 million barrels in the week ended February 6, compared to a build of 6.1 million in the preceding week.
Moreover, the recovery in crude prices stalled after the International Energy Agency (IEA), in its latest report, warned that supply in OECD countries may rise to near record high levels in 2015. Furthermore, the sentiment remains subdued ahead of a meeting of Eurogroup finance ministers in Brussels later in the day.
WTI Crude Technical Levels
The futures currently trade 1.22% lower at USD 49.44/barrel. The immediate support is seen at 49.13, under which losses could be extended to 48.59 levels. On the flip side, immediate resistance is seen at 50.00 and 50.50 (50-DMA) levels.