20 Feb 2015
WTI crude oil rebounds, US rig count data eyed
FXStreet (Mumbai) - WTI oil futures on the Nymex rebounded from the previous slump and edged higher in the early European morning on expectations of another drop in the Baker Hughes rig count.
Supported above USD 52/ barrel
Currently, WTI trades higher by 0.88% at USD 52.29/ barrel, close to fresh daily highs posted at 52.47 levels some time ago. Crude rebounded today as traders hope to see another drop in US rig counts amid record high US crude inventories.
Crude oil prices fell to fresh weekly lows in the previous session after EIA Crude inventories weekly report showed that US stockpiles jumped by 7.7 million barrels in the week ending February 13, bringing the total inventory to a new record of 425.6 million barrels, well above the 2.957 million barrels expected by the market.
Meanwhile, crude oil prices are expected to remain underpinned ahead of Baker Hughes IS rig count report to be released later today.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 52.72 levels above which gains could be extended to 54 levels. Meanwhile, support is seen at 51 levels from here losses could be extended to 49.83 levels.
Supported above USD 52/ barrel
Currently, WTI trades higher by 0.88% at USD 52.29/ barrel, close to fresh daily highs posted at 52.47 levels some time ago. Crude rebounded today as traders hope to see another drop in US rig counts amid record high US crude inventories.
Crude oil prices fell to fresh weekly lows in the previous session after EIA Crude inventories weekly report showed that US stockpiles jumped by 7.7 million barrels in the week ending February 13, bringing the total inventory to a new record of 425.6 million barrels, well above the 2.957 million barrels expected by the market.
Meanwhile, crude oil prices are expected to remain underpinned ahead of Baker Hughes IS rig count report to be released later today.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 52.72 levels above which gains could be extended to 54 levels. Meanwhile, support is seen at 51 levels from here losses could be extended to 49.83 levels.