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18 Mar 2015
WTI falls over 1%, EIA report in focus
FXStreet (Mumbai) - WTI oil futures on the Nymex extends losses and remains near fresh six year lows in the European trading, amid worries that oil stockpiles in the US jumped to a new record high, after rising for a tenth straight week.
WTI supported above USD 44/barrel
Currently, WTI trades lower by -1.41% at USD 44.58/ barrel, inching closer to fresh six year lows reached at 44.36 in the previous session. Crude prices remains pressured ahead of the US inventory report that may reveal a rise in crude stocks for the tenth straight week as the seasonal maintenance period begins. EIA crude 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.
Moreover, Iran's eagerness to increase oil production following a possible deal over its nuclear program also pressured prices. Meanwhile, is expected to remain weak on stronger greenback 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 45.70 levels above which gains could be extended to 46.24 levels. Meanwhile, support is seen at 44.36 levels from here losses could be extended to 43 levels.
WTI supported above USD 44/barrel
Currently, WTI trades lower by -1.41% at USD 44.58/ barrel, inching closer to fresh six year lows reached at 44.36 in the previous session. Crude prices remains pressured ahead of the US inventory report that may reveal a rise in crude stocks for the tenth straight week as the seasonal maintenance period begins. EIA crude 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.
Moreover, Iran's eagerness to increase oil production following a possible deal over its nuclear program also pressured prices. Meanwhile, is expected to remain weak on stronger greenback 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 45.70 levels above which gains could be extended to 46.24 levels. Meanwhile, support is seen at 44.36 levels from here losses could be extended to 43 levels.