18 Dec 2014
Crude oil extends rally
FXStreet (Mumbai) - Crude oil prices at both the sides of the Atlantic extended gains today on account of short covering ahead of the year end.
Brent Crude for February delivery is trading 0.94% higher at USD 61.76/barrel, while the WTI Crude for February delivery is trading 0.28% higher at USD 56.95/barrel. WTI and Brent have slumped about 45 percent from this year’s peak in June on concerns of over supply, weak global demand and no action from the Organization of Petroleum Exporting Countries (OPEC) group. Moreover, Crude prices are oversold, since the 14-day relative strength indexes are below the 30 level.
Meanwhile, a slight support may have come from the Oil union strike in Nigeria, Africa’s biggest crude producer, while Libya’s Waha field stopped producing after the Es Sider oil port was halted.
WTI Crude Technical Levels
The immediate resistance is seen at 57.44, above which prices could re-test the day high of 59.00 levels. Meanwhile, support is seen at 55.42 and 54.60 levels.
Brent Crude for February delivery is trading 0.94% higher at USD 61.76/barrel, while the WTI Crude for February delivery is trading 0.28% higher at USD 56.95/barrel. WTI and Brent have slumped about 45 percent from this year’s peak in June on concerns of over supply, weak global demand and no action from the Organization of Petroleum Exporting Countries (OPEC) group. Moreover, Crude prices are oversold, since the 14-day relative strength indexes are below the 30 level.
Meanwhile, a slight support may have come from the Oil union strike in Nigeria, Africa’s biggest crude producer, while Libya’s Waha field stopped producing after the Es Sider oil port was halted.
WTI Crude Technical Levels
The immediate resistance is seen at 57.44, above which prices could re-test the day high of 59.00 levels. Meanwhile, support is seen at 55.42 and 54.60 levels.