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29 Oct 2014
Crude rises on slower gain in inventories at API
FXStreet (Mumbai) - Crude Oil on the both sides of the Atlantic, is trading higher today after the American Petroleum Institute data showed a slower build up of inventories yesterday.
The WTI Crude is trading 0.49% higher at USD 81.92/barrel, while the Brent Crude is trading 0.46% higher at USD 86.47/barrel. The prices gained after The American Petroleum Institute showed a 3.2 million-barrel build in oil supplies. However, the gains were capped by the bearish price targets of major investment banks coupled with the ongoing supply concerns.
Moreover, the prices have edged higher ahead of the Energy Information Agency (EIA) data which is likely to show inventories probably fell by 900,000 barrels to 203.5 million last week.
Brent Technical levels
Brent has an immediate support at 87.19, above which prices can rise to 88.00 levels. On the flip side,, prices may decline to 85.50 levels if the immediate support of 86.00 is taken out.
The WTI Crude is trading 0.49% higher at USD 81.92/barrel, while the Brent Crude is trading 0.46% higher at USD 86.47/barrel. The prices gained after The American Petroleum Institute showed a 3.2 million-barrel build in oil supplies. However, the gains were capped by the bearish price targets of major investment banks coupled with the ongoing supply concerns.
Moreover, the prices have edged higher ahead of the Energy Information Agency (EIA) data which is likely to show inventories probably fell by 900,000 barrels to 203.5 million last week.
Brent Technical levels
Brent has an immediate support at 87.19, above which prices can rise to 88.00 levels. On the flip side,, prices may decline to 85.50 levels if the immediate support of 86.00 is taken out.