13 Feb 2015
WTI Crude rises ahead of the Baker Hugs rig count data in the US
FXStreet (Mumbai) - Crude prices may end higher today, thereby posting a third consecutive weekly gain. Prices bottomed out at USD 43.56/barrel in the last week of January.
Hits a session high above USD 53.20/barrel ahead of Rig count data
Crude prices extended gains in the US session to hit a high of USD 53.20/barrel ahead of the Baker Hughes Rig count figure due for release today. Crude could extend gains to trade well over the current week’s high of USD 53.93 if the Baker Hughs data points to a further fall in rig counts in the US.
Moreover, prices bottomed out at USD 43.46 three-weeks back after falling rig count in the US triggered hopes that concerns of supply glut would be erased. Prices could gain on similar hopes if the data highlights further decline in rig count today.
WTI Crude Technical Levels
March futures currently trade at USD 52.89/barrel, up 3.28% for the day. The immediate resistance is seen at the daily high of 53.20, above which gains could be extended to weekly high of 53.93. On the flip side, a break below the immediate support at 52.53 (Feb. 4th high), could push the prices down to the 5-DMA and the 10-DMA located at 51.28 levels.
Hits a session high above USD 53.20/barrel ahead of Rig count data
Crude prices extended gains in the US session to hit a high of USD 53.20/barrel ahead of the Baker Hughes Rig count figure due for release today. Crude could extend gains to trade well over the current week’s high of USD 53.93 if the Baker Hughs data points to a further fall in rig counts in the US.
Moreover, prices bottomed out at USD 43.46 three-weeks back after falling rig count in the US triggered hopes that concerns of supply glut would be erased. Prices could gain on similar hopes if the data highlights further decline in rig count today.
WTI Crude Technical Levels
March futures currently trade at USD 52.89/barrel, up 3.28% for the day. The immediate resistance is seen at the daily high of 53.20, above which gains could be extended to weekly high of 53.93. On the flip side, a break below the immediate support at 52.53 (Feb. 4th high), could push the prices down to the 5-DMA and the 10-DMA located at 51.28 levels.