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28 Jan 2015
Crude declines ahead of supply data
FXStreet (Mumbai) - WTI Crude futures trade weak as investors await the report on the weekly inventories in the US due for release later today.
Markets remain focused on supply concerns
Oil prices have failed to strengthen despite OPEC Secretary General El-Badri comments earlier this month that prices would not go down to USD 20-25 levels. He further added that the group is open for discussion with non-OPEC members over stabilizing markets. However, markets remain solely focused on concerns of supply glut.
Investors now await the US government’s report that is expected to show crude oil stockpiles rose by 4.1 million barrels last week. The American Petroleum Institute, yesterday reported crude inventories at a whooping 12.7 million barrels in the week ended January 23.
WTI Crude Technical Levels
The march futures currently trade at USD 45.41/barrel; down 1.83% for the day. The immediate support on the hourly chart is seen at 44.81, under which losses could be extended to 44.36 levels. Meanwhile, resistance is seen at 45.73 and 46.55 levels.
Markets remain focused on supply concerns
Oil prices have failed to strengthen despite OPEC Secretary General El-Badri comments earlier this month that prices would not go down to USD 20-25 levels. He further added that the group is open for discussion with non-OPEC members over stabilizing markets. However, markets remain solely focused on concerns of supply glut.
Investors now await the US government’s report that is expected to show crude oil stockpiles rose by 4.1 million barrels last week. The American Petroleum Institute, yesterday reported crude inventories at a whooping 12.7 million barrels in the week ended January 23.
WTI Crude Technical Levels
The march futures currently trade at USD 45.41/barrel; down 1.83% for the day. The immediate support on the hourly chart is seen at 44.81, under which losses could be extended to 44.36 levels. Meanwhile, resistance is seen at 45.73 and 46.55 levels.