25 Mar 2015
WTI drops nearly 1%, EIA reported awaited
FXStreet (Mumbai) - WTI oil futures on the Nymex inched back into trough during the European morning, as traders remained wary ahead of the US inventory report that may show another record high oil reserves.
WTI wavers around USD 47 handle
Currently, WTI trades 0.97% lower at USD 47.05/ barrel, moving away from fresh two week highs reached at 48.56 in the previous session. Crude prices extended its downward trajectory ahead of the fresh weekly report on US stockpiles that are expected to show a rise for the 11th consecutive week, bringing the total reservoir to a new record high.
Looking ahead, the Energy Information Administration (EIA) is due to publish weekly updates on US crude stockpiles that have been rising for 10 straight weeks to reach new all-time highs. For the week ending March 20, markets forecast a build-up of about 4.75 million barrels.
Meanwhile, the US dollar index was flat this morning, standing at 97.37, waiting for incentives in the form of the durable goods orders report later in the day.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 48.50 levels above which gains could be extended to 50 levels. Meanwhile, support is seen at 46 levels from here losses could be extended to 45.33 levels.
WTI wavers around USD 47 handle
Currently, WTI trades 0.97% lower at USD 47.05/ barrel, moving away from fresh two week highs reached at 48.56 in the previous session. Crude prices extended its downward trajectory ahead of the fresh weekly report on US stockpiles that are expected to show a rise for the 11th consecutive week, bringing the total reservoir to a new record high.
Looking ahead, the Energy Information Administration (EIA) is due to publish weekly updates on US crude stockpiles that have been rising for 10 straight weeks to reach new all-time highs. For the week ending March 20, markets forecast a build-up of about 4.75 million barrels.
Meanwhile, the US dollar index was flat this morning, standing at 97.37, waiting for incentives in the form of the durable goods orders report later in the day.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 48.50 levels above which gains could be extended to 50 levels. Meanwhile, support is seen at 46 levels from here losses could be extended to 45.33 levels.