Weakness in WTI persists

FXStreet (Mumbai) - WTI oil futures on the Nymex dropped on Friday, extending its long run of losses, as worries over the global oil oversupply continue to plague the market amid tepid demand.

WTI trades below USD 46

Currently, WTI trades lower by -0.35% at USD 45.37/ barrel, continuing its consolidation on the 45 handle. Crude prices remains pressured and heads for another weekly loss, dragged down by reports of an oversupplied market, with Kuwait's Oil Minister Ali al-Omair noting that OPEC will continue producing in an oversupplied market to maintain market share.

Crude oil prices also remains weighed down by the latest data revealed crude oil stockpiles in the US had jumped 9.6 million barrels in the week ending March 13, rising for the tenth straight week and bringing the total US reservoir to a fresh record high.

Adding to this, oil stocks at Cushing, Oklahoma, rose almost 2.9 million barrels to 54.4 million barrels in the measured week, a record level since the agency started the tracking inventories for the delivery hub.

Crude Oil Technical Levels

WTI oil has an immediate resistance which stands at 46.63 levels above which gains could be extended to 47.48 levels. Meanwhile, support is seen at 45 levels from here losses could be extended to 44.03 levels.

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