20 Feb 2015
WTI in red around $51.30
FXStreet (Edinburgh) - The barrel of WTI is accelerating its decline on Friday following the report by driller Baker Hughes, now losing around 1% near $51.30.
WTI down on oversupply concerns
Crude oil prices managed to bounce off sub-$51.00 levels and is now hovering over $51.20, after the report by Baker Hughes informed that oil rigs in use in the US decreased by 37 to 1019 in the week ended on February 20th
The context of excess supply in the US continues to be a major drag in oil prices, despite the US dollar is shedding some ground today.
WTI levels to watch
The barrel of WTI is now losing 1.12% at $51.25 with the immediate support at $50.97 (low Feb.20) ahead of $49.82 (low Feb.19) and then $49.14 (low Feb.12). On the upside, a break above $52.72 (high Feb.19) would target $54.32 (high Feb.17) and then $55.05 (high Feb.3).
WTI down on oversupply concerns
Crude oil prices managed to bounce off sub-$51.00 levels and is now hovering over $51.20, after the report by Baker Hughes informed that oil rigs in use in the US decreased by 37 to 1019 in the week ended on February 20th
The context of excess supply in the US continues to be a major drag in oil prices, despite the US dollar is shedding some ground today.
WTI levels to watch
The barrel of WTI is now losing 1.12% at $51.25 with the immediate support at $50.97 (low Feb.20) ahead of $49.82 (low Feb.19) and then $49.14 (low Feb.12). On the upside, a break above $52.72 (high Feb.19) would target $54.32 (high Feb.17) and then $55.05 (high Feb.3).