7 May 2015
Crude oil trades flat
FXStreet (Mumbai) - Crude prices in the US recovered early losses, although the commodity has been unable to gain much on the day due to concerns on excess supply and caution ahead of the non-farm payrolls data in the US.
Trades at hourly 50-MA
The WTI futures currently trade at their hourly 50-MA located at USD 60.87/barrel after having recovered from the low of USD 60.24 seen in the Asian session. The gains have been capped due to investors being cautious ahead of the US non-farm payrolls data due for release on Friday.
Meanwhile, the sentiment also soured after the Iranian oil minister said its output would increase to 3.8 million barrels a day within six months if sanctions are lifted.
Crude oil Technical Levels
The immediate resistance is located at 61.28, above which gains could be extended to 62.00-62.10 levels. On the flip side, a break below 60.24 could drive the prices lower to 58.63.
Trades at hourly 50-MA
The WTI futures currently trade at their hourly 50-MA located at USD 60.87/barrel after having recovered from the low of USD 60.24 seen in the Asian session. The gains have been capped due to investors being cautious ahead of the US non-farm payrolls data due for release on Friday.
Meanwhile, the sentiment also soured after the Iranian oil minister said its output would increase to 3.8 million barrels a day within six months if sanctions are lifted.
Crude oil Technical Levels
The immediate resistance is located at 61.28, above which gains could be extended to 62.00-62.10 levels. On the flip side, a break below 60.24 could drive the prices lower to 58.63.