18 Feb 2015
Oil futures slip ahead of supply report
FXStreet (Mumbai) - Crude prices in the US as the traders weigh the concerns about Iraqi and Libyan production against the excess supply in the markets.
Oil markers await supply data
The American Petroleum Institute (API) will publish the weekly supply report later in the day, while Thursday’s government report could show crude stockpiles in the US rose by 3.1 million barrels in the week ended February 13. Stockpiles have risen for five straight weeks to a record high of 417.9 million barrels as of Feb. 6, as per the US Energy Information Administration.
WTI Crude April futures are currently down 1.43% at USD 53.52/barrel. The slide could be extended as the USD is showing signs of strength ahead of the Fed minutes.
WTI Crude Technical Levels
The immediate support is seen at 52.92, under which losses could be extended to 51.64 levels. On the flip side, resistance is seen at 55.05 and 56.59 levels.
Oil markers await supply data
The American Petroleum Institute (API) will publish the weekly supply report later in the day, while Thursday’s government report could show crude stockpiles in the US rose by 3.1 million barrels in the week ended February 13. Stockpiles have risen for five straight weeks to a record high of 417.9 million barrels as of Feb. 6, as per the US Energy Information Administration.
WTI Crude April futures are currently down 1.43% at USD 53.52/barrel. The slide could be extended as the USD is showing signs of strength ahead of the Fed minutes.
WTI Crude Technical Levels
The immediate support is seen at 52.92, under which losses could be extended to 51.64 levels. On the flip side, resistance is seen at 55.05 and 56.59 levels.