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4 Feb 2015
Oil tanks 3%, cautious ahead of EIA inventories report
FXStreet (Mumbai) - WTI Oil futures on NYMEX snapped its three-day rally and declined today, moving away from fresh monthly highs as traders remain cautious ahead of a US inventory report.
WTI below USD 52/ barrel
Currently, WTI oil trades 3.06% lower at USD 51.44/ barrel, pulling away from fresh one month highs reached at 54.24 levels in the previous session. Crude oil prices declined after the American Petroleum Institute data showed that US crude stockpiles increased over 6 million barrels during the measured week.
Traders now remain on the edge before Energy Information Administration (EIA) weekly report on US oil stockpiles later today which is expected to show inventories rose another 3.75 million barrels in the week ending January 30, which would push the total commercial stockpile to a new record of over 410 million barrels.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 54 levels above which gains could be extended to 54.85 levels. Meanwhile, support is seen at 51 levels from here losses could be extended to sub 50.50 levels.
WTI below USD 52/ barrel
Currently, WTI oil trades 3.06% lower at USD 51.44/ barrel, pulling away from fresh one month highs reached at 54.24 levels in the previous session. Crude oil prices declined after the American Petroleum Institute data showed that US crude stockpiles increased over 6 million barrels during the measured week.
Traders now remain on the edge before Energy Information Administration (EIA) weekly report on US oil stockpiles later today which is expected to show inventories rose another 3.75 million barrels in the week ending January 30, which would push the total commercial stockpile to a new record of over 410 million barrels.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 54 levels above which gains could be extended to 54.85 levels. Meanwhile, support is seen at 51 levels from here losses could be extended to sub 50.50 levels.