16 Dec 2014
WTI Crude recovers from the day’s low
FXStreet (Mumbai) - Crude prices in the US recovered part of the losses ahead of the American Petroleum Institute’s (API) oil status report for the week ended December 12th.
WTI Crude for February delivery now trades 1.18% lower at USD 55.60/barrel, up from the low of USD 53.96/barrel hit earlier today. Mounting worries of oversupply and waning global demand were renewed earlier today after the Chinese PMI manufacturing data highlighted a slowdown in the activity. The pressure also came from UAE energy minister Suhail Al-Mazrouei, who downplayed the suggestion yesterday that the OPEC will have an emergency meeting to discuss whether to keep output unchanged. “We are not going to change our minds because the prices went to USD 60 or to USD 40,” Mazrouei told Bloomberg at a conference in Dubai.
Meanwhile, the Brent Crude for February delivery has weakened 2.1% to trade at USD 59.93/barrel. Prices have recovered from the low of USD 58.53 hit earlier today.
WTI Crude Technical Levels
WTI Crude has an immediate resistance at 57.36, above which prices could test 58.28 levels. Meanwhile, a break below the immediate support at 55.42, shall open doors for a re-test of 53.96 levels on the downside.
WTI Crude for February delivery now trades 1.18% lower at USD 55.60/barrel, up from the low of USD 53.96/barrel hit earlier today. Mounting worries of oversupply and waning global demand were renewed earlier today after the Chinese PMI manufacturing data highlighted a slowdown in the activity. The pressure also came from UAE energy minister Suhail Al-Mazrouei, who downplayed the suggestion yesterday that the OPEC will have an emergency meeting to discuss whether to keep output unchanged. “We are not going to change our minds because the prices went to USD 60 or to USD 40,” Mazrouei told Bloomberg at a conference in Dubai.
Meanwhile, the Brent Crude for February delivery has weakened 2.1% to trade at USD 59.93/barrel. Prices have recovered from the low of USD 58.53 hit earlier today.
WTI Crude Technical Levels
WTI Crude has an immediate resistance at 57.36, above which prices could test 58.28 levels. Meanwhile, a break below the immediate support at 55.42, shall open doors for a re-test of 53.96 levels on the downside.