Back
2 Jan 2015
WTI Oil gains 1%
FXStreet (Mumbai) - US WTI Crude Oil rebound from multi-year lows reached in the previous session and entered the New Year elevated, as traders viewed the downfall in 2014 as overdone.
Currently, WTI crude oil trades at USD 53.83/ barrel, gaining 1.04% on the day. WTI oil prices got a boost on comments from Iran's deputy foreign minister Hossein Amir Abdollahian that Saudi Arabia has committed strategic mistake by not slashing production to halt the slump in oil prices. Adding to the gains in crude oil, Wednesday’s EIA data showed that the crude inventories shrank by 1.8 million barrels to 385.5 million last week, compared with an expected gain of 900,000 barrels.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 54.32 (Dec 30 High) levels above which gains could be extended to 55 levels. Meanwhile, support is seen at 52.70 (Dec 30 Low) levels from here losses could be extended to sub 52 levels.
Currently, WTI crude oil trades at USD 53.83/ barrel, gaining 1.04% on the day. WTI oil prices got a boost on comments from Iran's deputy foreign minister Hossein Amir Abdollahian that Saudi Arabia has committed strategic mistake by not slashing production to halt the slump in oil prices. Adding to the gains in crude oil, Wednesday’s EIA data showed that the crude inventories shrank by 1.8 million barrels to 385.5 million last week, compared with an expected gain of 900,000 barrels.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 54.32 (Dec 30 High) levels above which gains could be extended to 55 levels. Meanwhile, support is seen at 52.70 (Dec 30 Low) levels from here losses could be extended to sub 52 levels.