5 Mar 2015
WTI rebounds on Saudi comments
FXStreet (Mumbai) - WTI oil futures on the Nymex rebounded from surging stock piles induced losses and climbed higher today boosted by latest comments from Saudi Arabia.
Crude holds above USD 51/barrel
Currently, WTI trades higher by 0.61% at USD 51.85/ barrel, holding firmly above USD 51 levels. Crude prices inched higher, boosted by comments from Saudi Arabia's Oil Minister Ali al-Naimi that oil demand is gradually rising, global economic growth seems more robust and oil prices are stabilizing. These comments came after the world's largest petroleum exporter hiked prices to customers in Asia, the US and northwest Europe.
Crude prices recovered from crude inventories led drop after Energy Information Administration showed on Wednesday that US crude inventories soared by 10.3 million barrels in the week ending February 27- marking the biggest weekly increase since March 23, 2001 - while the market expected only a 3.95 million increase.
However, the gains in the crude prices are likely to be limited on higher supplies and a stronger US dollar.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 52.49 levels above which gains could be extended to 53.45 levels. Meanwhile, support is seen at 50 levels from here losses could be extended to 47.84 levels.
Crude holds above USD 51/barrel
Currently, WTI trades higher by 0.61% at USD 51.85/ barrel, holding firmly above USD 51 levels. Crude prices inched higher, boosted by comments from Saudi Arabia's Oil Minister Ali al-Naimi that oil demand is gradually rising, global economic growth seems more robust and oil prices are stabilizing. These comments came after the world's largest petroleum exporter hiked prices to customers in Asia, the US and northwest Europe.
Crude prices recovered from crude inventories led drop after Energy Information Administration showed on Wednesday that US crude inventories soared by 10.3 million barrels in the week ending February 27- marking the biggest weekly increase since March 23, 2001 - while the market expected only a 3.95 million increase.
However, the gains in the crude prices are likely to be limited on higher supplies and a stronger US dollar.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 52.49 levels above which gains could be extended to 53.45 levels. Meanwhile, support is seen at 50 levels from here losses could be extended to 47.84 levels.