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11 Mar 2015
WTI rebounds to USD 49/barrel
FXStreet (Mumbai) - WTI oil futures on the Nymex bounced-back in the European morning, after falling to fresh weekly lows in the previous session on a solid US dollar rally.
EIA crude stockpiles eyed
Currently, WTI trades 1.31% higher at USD 48.93/ barrel, rebounding from weekly lows of 48.20 reached in the previous session. Crude prices regained footing after the American Petroleum Institute (API) late Tuesday reported an unexpected decline in crude supplies of 404,000 barrels for the week ended March 6. Traders cheered the reports as API reported a fall in US oil inventories for the first time in two months, reflecting a slight pickup in demand for the black gold.
Moreover, crude prices also shrugged off bearish Chinese macro data, while a retreat in the greenback supported the rally in crude.
Meanwhile, the EIA will publish its fresh figures for the measured week later in the day, with markets predicting US oil stockpiles increased 4.75 million barrels, leading to another record high of commercial oil reserves.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 50 levels above which gains could be extended to 51.22 levels. Meanwhile, support is seen at 48 levels from here losses could be extended to 46.50 levels.
EIA crude stockpiles eyed
Currently, WTI trades 1.31% higher at USD 48.93/ barrel, rebounding from weekly lows of 48.20 reached in the previous session. Crude prices regained footing after the American Petroleum Institute (API) late Tuesday reported an unexpected decline in crude supplies of 404,000 barrels for the week ended March 6. Traders cheered the reports as API reported a fall in US oil inventories for the first time in two months, reflecting a slight pickup in demand for the black gold.
Moreover, crude prices also shrugged off bearish Chinese macro data, while a retreat in the greenback supported the rally in crude.
Meanwhile, the EIA will publish its fresh figures for the measured week later in the day, with markets predicting US oil stockpiles increased 4.75 million barrels, leading to another record high of commercial oil reserves.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 50 levels above which gains could be extended to 51.22 levels. Meanwhile, support is seen at 48 levels from here losses could be extended to 46.50 levels.