12 May 2015
WTI muted ahead of OPEC Report
FXStreet (Mumbai) - WTI oil futures on the Nymex trades almost flattish in the European morning as traders remain cautious ahead of ahead of OPEC's monthly report that may create some volatility on the market.
WTI holds above 59 handle
Currently, WTI trades -0.16% lower at 59.16, in a flat-lining. Crude prices remained lifeless in today’s trading as traders remain on the side lines awaiting OPEC's fresh update on the crude oil outlook, with markets expected bearish forecasts which may drag prices lower.
Analysts at ANZ noted, "Traders and investors are increasingly cautious on adding to oil positions given the price gains in recent months. Higher prices are also increasing the possibility of producers reversing recent production cuts."
Later in the day, the American Petroleum Institute (API) will report its weekly US stockpiles data for the week to May 8, while the Energy Information Administration (EIA) is scheduled to report its figures on Wednesday, along with the International Energy Agency's (IEA) monthly report.
Technical Levels
WTI oil has an immediate resistance which stands at 60 levels above which gains could be extended to 61.50 levels. Meanwhile, support is seen at 58 levels from here losses could be extended to 56 levels.
WTI holds above 59 handle
Currently, WTI trades -0.16% lower at 59.16, in a flat-lining. Crude prices remained lifeless in today’s trading as traders remain on the side lines awaiting OPEC's fresh update on the crude oil outlook, with markets expected bearish forecasts which may drag prices lower.
Analysts at ANZ noted, "Traders and investors are increasingly cautious on adding to oil positions given the price gains in recent months. Higher prices are also increasing the possibility of producers reversing recent production cuts."
Later in the day, the American Petroleum Institute (API) will report its weekly US stockpiles data for the week to May 8, while the Energy Information Administration (EIA) is scheduled to report its figures on Wednesday, along with the International Energy Agency's (IEA) monthly report.
Technical Levels
WTI oil has an immediate resistance which stands at 60 levels above which gains could be extended to 61.50 levels. Meanwhile, support is seen at 58 levels from here losses could be extended to 56 levels.