12 Feb 2015
WTI gains 3% on weaker US dollar
FXStreet (Mumbai) - WTI oil futures on the Nymex extended its recovery mode and rises above 3% during the European session largely on broad based sell-off in the US dollar.
Jumps to fresh daily highs
Currently, WTI gained 3.20% and traded at USD 50.41/ barrel, close to fresh daily highs posted at 50.51 levels some minutes ago. Crude oil rallied on the back of a big drop in the US rig count that will eventually curtail production, boosting market sentiments.
Moreover, a falling US dollar also added to the rally in oil prices. The greenback lost its strength after the Bank of Japan said it would not add extra stimulus measures in an effort to protect the currency from further weakening, which sent yen over 1% higher versus the USD.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 51 levels above which gains could be extended to 51.60 levels. Meanwhile, support is seen at 48.05 levels from here losses could be extended to 47.36 levels.
Jumps to fresh daily highs
Currently, WTI gained 3.20% and traded at USD 50.41/ barrel, close to fresh daily highs posted at 50.51 levels some minutes ago. Crude oil rallied on the back of a big drop in the US rig count that will eventually curtail production, boosting market sentiments.
Moreover, a falling US dollar also added to the rally in oil prices. The greenback lost its strength after the Bank of Japan said it would not add extra stimulus measures in an effort to protect the currency from further weakening, which sent yen over 1% higher versus the USD.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 51 levels above which gains could be extended to 51.60 levels. Meanwhile, support is seen at 48.05 levels from here losses could be extended to 47.36 levels.