12 Jan 2015
Crude tanks 4%
FXStreet (Mumbai) - Crude prices at both the sides of the Atlantic are down 4% on nagging concerns of oversupply and due to the bearish forecasts from the investment bank Goldman Sachs.
At the time of writing, WTI Crude for February delivery traded 4.09% lower at USD 46.38/barrel, while Brent Crude for February delivery traded 4.12% lower at USD 49.19/barrel. The latest drop in Crude prices has been triggered after a research note from Goldman Sachs revealed a six-month WTI target of USD 39/barrel.
Moreover, weakness in Crude prices is weighing over Oil stocks across the globe. The S&P index in the US has snapped a two-day winning streak after analysts cut their price forecasts mainly for energy producers.
WTI Crude Technical Levels
The immediate support is seen at 46.20 (May 2005 low), under which prices could test 45.25 (Nov 2004 low). Meanwhile, resistance is seen at 47.08 and 47.43 levels.
At the time of writing, WTI Crude for February delivery traded 4.09% lower at USD 46.38/barrel, while Brent Crude for February delivery traded 4.12% lower at USD 49.19/barrel. The latest drop in Crude prices has been triggered after a research note from Goldman Sachs revealed a six-month WTI target of USD 39/barrel.
Moreover, weakness in Crude prices is weighing over Oil stocks across the globe. The S&P index in the US has snapped a two-day winning streak after analysts cut their price forecasts mainly for energy producers.
WTI Crude Technical Levels
The immediate support is seen at 46.20 (May 2005 low), under which prices could test 45.25 (Nov 2004 low). Meanwhile, resistance is seen at 47.08 and 47.43 levels.