17 Mar 2015
WTI subdued amid mounting Oversupply worries
FXStreet (Mumbai) - WTI oil futures on the Nymex extended its downward momentum and remained muted near six year lows as persisting expectations that US crude oil supply will continue to rise weighed on the prices.
WTI wavers around USD 46/brrrel
Currently, WTI trades flat at USD 46/ barrel, moving away from close to six year lows reached at 45.08 in the previous session. Crude prices remains pressured “as inventories swell further as the seasonal maintenance period begins, analysts at ANZ noted.
Crude oil is expected to remain weak ahead of Wednesday’s EIA crud stockpiles report which is expected to show a rise of over 4 million barrels in US crude oil inventories, which would be a tenth weekly increase in a row.
Meanwhile, oil prices continue to be determined by the greenback moves ahead of FOMC statement as dollar-priced commodities react inversely with the US currency.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 47.22 levels above which gains could be extended to 48.80 levels. Meanwhile, support is seen at 45.88 levels from here losses could be extended to 45 levels.
WTI wavers around USD 46/brrrel
Currently, WTI trades flat at USD 46/ barrel, moving away from close to six year lows reached at 45.08 in the previous session. Crude prices remains pressured “as inventories swell further as the seasonal maintenance period begins, analysts at ANZ noted.
Crude oil is expected to remain weak ahead of Wednesday’s EIA crud stockpiles report which is expected to show a rise of over 4 million barrels in US crude oil inventories, which would be a tenth weekly increase in a row.
Meanwhile, oil prices continue to be determined by the greenback moves ahead of FOMC statement as dollar-priced commodities react inversely with the US currency.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 47.22 levels above which gains could be extended to 48.80 levels. Meanwhile, support is seen at 45.88 levels from here losses could be extended to 45 levels.