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13 May 2015
WTI eases on dismal China data
FXStreet (Mumbai) - WTI oil futures on the Nymex extends upward moves, however, eased off highs after discouraging China macro releases weighed on oil prices.
WTI holds above 61 handle
Currently, WTI trades 0.98% higher at 61.28, retreating from 61.50 levels on data release. The disappointing Chinese data flow raised concerns over the country internal demand which dragged prices slightly lower. China is world’s second largest oil consumer.
However, crude prices held on to previous gains after OPEC raised its consumption forecast, while the US government slashed its crude output growth for this year.
In its latest monthly outlook, OPEC predicted that global oil consumption will rise to 92.5 million barrels per day (bpd) this year, slightly stronger than the 92.45 million bpd expected last month.
Moreover, global oil demand is expected to rise to 1.18 million barrels bpd this year, higher than a previous estimate of 1.17 million bpd.
Later in the day, the Energy Information Administration (EIA) is scheduled to report its figures later in the day, along with the International Energy Agency's (IEA) monthly report.
Technical Levels
WTI oil has an immediate resistance which stands at 62 levels above which gains could be extended to 63.50 levels. Meanwhile, support is seen at 60 levels from here losses could be extended to 58 levels.
WTI holds above 61 handle
Currently, WTI trades 0.98% higher at 61.28, retreating from 61.50 levels on data release. The disappointing Chinese data flow raised concerns over the country internal demand which dragged prices slightly lower. China is world’s second largest oil consumer.
However, crude prices held on to previous gains after OPEC raised its consumption forecast, while the US government slashed its crude output growth for this year.
In its latest monthly outlook, OPEC predicted that global oil consumption will rise to 92.5 million barrels per day (bpd) this year, slightly stronger than the 92.45 million bpd expected last month.
Moreover, global oil demand is expected to rise to 1.18 million barrels bpd this year, higher than a previous estimate of 1.17 million bpd.
Later in the day, the Energy Information Administration (EIA) is scheduled to report its figures later in the day, along with the International Energy Agency's (IEA) monthly report.
Technical Levels
WTI oil has an immediate resistance which stands at 62 levels above which gains could be extended to 63.50 levels. Meanwhile, support is seen at 60 levels from here losses could be extended to 58 levels.