25 Mar 2015
WTI crude falls after bearish supply report
FXStreet (Mumbai) - WTI Crude prices fell into losses after the Energy Information Administration (EIA) reported another bearish weekly supply report.
Inventories rise sharply
The EIA data showed inventories rose by 8.2 million barrels in the week ended March 20, compared to expectations for an increase of 5.2 million barrels. Total US crude inventories now stand at 466.7 million barrels as of last week, the most in at least 80 years, once again highlighting concerns of over supply.
Consequently, WTI Crude for May delivery declined from a high of USD 48.34 to trade at USD 47.39/barrel; 0.16% for the day. Meanwhile, Brent Crude for May delivery has cooled down to USD 55.34/barrel; up 0.41% for the day; down from USD 56.25/barrel.
WTI Crude Technical Levels
The immediate resistance is seen at 47.68, above which prices could re-test the daily high of 48.34. On the other hand, a break below the hourly 50-MA at 47.36, could push the prices lower to 46.58 (hourly 100-MA).
Inventories rise sharply
The EIA data showed inventories rose by 8.2 million barrels in the week ended March 20, compared to expectations for an increase of 5.2 million barrels. Total US crude inventories now stand at 466.7 million barrels as of last week, the most in at least 80 years, once again highlighting concerns of over supply.
Consequently, WTI Crude for May delivery declined from a high of USD 48.34 to trade at USD 47.39/barrel; 0.16% for the day. Meanwhile, Brent Crude for May delivery has cooled down to USD 55.34/barrel; up 0.41% for the day; down from USD 56.25/barrel.
WTI Crude Technical Levels
The immediate resistance is seen at 47.68, above which prices could re-test the daily high of 48.34. On the other hand, a break below the hourly 50-MA at 47.36, could push the prices lower to 46.58 (hourly 100-MA).