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3 Mar 2015
WTI rebounds, hovers around USD 50/ barrel
FXStreet (Mumbai) - WTI oil futures on the Nymex rebounded today, after falling sharply in the previous session on news of increasing oil exports from Middle-east, heightening fears of oversupplies in the markets.
Crude stuck at USD 50/barrel
Currently, WTI trades higher by 0.90% at USD 50.04/ barrel, pulling away from lows previously posted at 49.79 levels. Crude prices rebounded sharply today supported by a weaker US dollar as it makes them cheaper in other currencies and so more attractive for foreign traders, while waiting for the report on US crude inventories.
Crude edged higher after the latest report by research agency Genscape showed a smaller build in stockpiles at the Cushing delivery point for oil than analysts had expected, in turn boosting sentiment among traders.
Also, a week-on-week reduction in the US oil rig count has been supportive for prices as well. For last week, the number of rig counts fell by 33 to 986.
Meanwhile, traders are now awaiting a set of US economic data to be released this week to gauge demand prospects in the world's biggest crude oil consumer.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 51 levels above which gains could be extended to 52.49 levels. Meanwhile, support is seen at 48.50 levels from here losses could be extended to 47.84 levels.
Crude stuck at USD 50/barrel
Currently, WTI trades higher by 0.90% at USD 50.04/ barrel, pulling away from lows previously posted at 49.79 levels. Crude prices rebounded sharply today supported by a weaker US dollar as it makes them cheaper in other currencies and so more attractive for foreign traders, while waiting for the report on US crude inventories.
Crude edged higher after the latest report by research agency Genscape showed a smaller build in stockpiles at the Cushing delivery point for oil than analysts had expected, in turn boosting sentiment among traders.
Also, a week-on-week reduction in the US oil rig count has been supportive for prices as well. For last week, the number of rig counts fell by 33 to 986.
Meanwhile, traders are now awaiting a set of US economic data to be released this week to gauge demand prospects in the world's biggest crude oil consumer.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 51 levels above which gains could be extended to 52.49 levels. Meanwhile, support is seen at 48.50 levels from here losses could be extended to 47.84 levels.