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27 Feb 2015
WTI bounces-off 3-week lows
FXStreet (Mumbai) - WTI oil futures on the Nymex rebounds sharply from fresh three week lows reached in the US last session, however, was poised for a weekly fall as the global supply glut continued to weigh on prices.
Crude back below USD 50/barrel
Currently, WTI trades higher by 1.71% at USD 49/ barrel, pulling away from three week lows posted at 47.84 levels yesterday. However, crude prices continue to remain pressured as rising US inventories which signal oversupplied markets counter expectations for recovering demand.
Meanwhile, traders are expecting a weekly update on drilling activity from oilfield services company Baker Hughes later today. There were 1,019 oil rigs operating in the US last week, the lowest number since July 2011, even though the drop of 37 rigs was the smallest in seven weeks.
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 48.50 levels from here losses could be extended to 47.84 levels.
Crude back below USD 50/barrel
Currently, WTI trades higher by 1.71% at USD 49/ barrel, pulling away from three week lows posted at 47.84 levels yesterday. However, crude prices continue to remain pressured as rising US inventories which signal oversupplied markets counter expectations for recovering demand.
Meanwhile, traders are expecting a weekly update on drilling activity from oilfield services company Baker Hughes later today. There were 1,019 oil rigs operating in the US last week, the lowest number since July 2011, even though the drop of 37 rigs was the smallest in seven weeks.
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 48.50 levels from here losses could be extended to 47.84 levels.