10 Mar 2015
WTI flattish around USD 50/barrel
FXStreet (Mumbai) - WTI oil futures on the Nymex steadied in the European morning, trading around a flatline close to USD 50 levels as the USD rally continues to restrict the upside in oil prices.
Crude awaits fresh incentives
Currently, WTI trades almost flat at USD 49.97/ barrel, failing an attempt to sustain above USD 50 levels. Crude prices remain pressured by the strengthening US dollar amid increased June rate-hike bets. Moreover, Goldman Sachs defended its lower oil prices forecast at USD 40 also keeps a lid on the prices.
Moreover, softer producer price inflation is also likely to weigh on crude prices. China’s producer prices fell 4.8% in February, the strongest decline in the index since October 2009.
Meanwhile, the fresh weekly update on US crude oil inventories released by the American Petroleum Institute may be a market mover later today, and will be followed on Wednesday by the official stockpiles numbers from the Department of Energy.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 50.79 levels above which gains could be extended to 52.49 levels. Meanwhile, support is seen at 49 levels from here losses could be extended to 47.84 levels.
Crude awaits fresh incentives
Currently, WTI trades almost flat at USD 49.97/ barrel, failing an attempt to sustain above USD 50 levels. Crude prices remain pressured by the strengthening US dollar amid increased June rate-hike bets. Moreover, Goldman Sachs defended its lower oil prices forecast at USD 40 also keeps a lid on the prices.
Moreover, softer producer price inflation is also likely to weigh on crude prices. China’s producer prices fell 4.8% in February, the strongest decline in the index since October 2009.
Meanwhile, the fresh weekly update on US crude oil inventories released by the American Petroleum Institute may be a market mover later today, and will be followed on Wednesday by the official stockpiles numbers from the Department of Energy.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 50.79 levels above which gains could be extended to 52.49 levels. Meanwhile, support is seen at 49 levels from here losses could be extended to 47.84 levels.