29 Jan 2015
WTI remains close to 6-yr lows
FXStreet (Mumbai) - WTI oil futures on NYMEX hovers close to fresh six year lows reached in the previous session after US crude inventories climbed to record highs.
Bearish trend to continue
Currently, WTI oil trades flat at USD 44.43/ barrel, retracing from a new six year high touched at 44.11 levels yesterday. Crude oil prices tumbled to the lowest level in six years after US stockpiles jumped to the highest level since 1982, indicating that the global supply glut will not be eliminated soon.
Oil stockpiles in the US jumped by 8.87 million barrels in the week ending January 23, making the total 406.73 million barrels the highest level since the Energy Information Administration (EIA) started to keep records in 1982.
Meanwhile, the American Petroleum Institute (API) stated on Tuesday that US crude stockpiles rallied 12.7 million barrels for the measured week, against expectations of an increase of just 4.1 million barrels.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 45 levels above which gains could be extended to 45.73 levels. Meanwhile, support is seen at 44.11 levels from here losses could be extended to sub 44 levels.
Bearish trend to continue
Currently, WTI oil trades flat at USD 44.43/ barrel, retracing from a new six year high touched at 44.11 levels yesterday. Crude oil prices tumbled to the lowest level in six years after US stockpiles jumped to the highest level since 1982, indicating that the global supply glut will not be eliminated soon.
Oil stockpiles in the US jumped by 8.87 million barrels in the week ending January 23, making the total 406.73 million barrels the highest level since the Energy Information Administration (EIA) started to keep records in 1982.
Meanwhile, the American Petroleum Institute (API) stated on Tuesday that US crude stockpiles rallied 12.7 million barrels for the measured week, against expectations of an increase of just 4.1 million barrels.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 45 levels above which gains could be extended to 45.73 levels. Meanwhile, support is seen at 44.11 levels from here losses could be extended to sub 44 levels.