9 Apr 2015
WTI Crude rises above USD 51.00/barrel
FXStreet (Mumbai) - Crude prices hit a session high of USD 51.21, before inching slightly lower at USD 51.11/barrel after Iranian President, in a televised speech, said Iran will sign the nuclear deal only after all of the sanctions imposed are lifted.
Prices shot higher as the hardline stance indicated by Rouhani means delay in the nuclear deal and low prospects of rise in Iranian exports in the near future.
Supplies at record highs
The gains are being capped by a report from the US Energy Information Administration (EIA) showing the nation’s crude stockpiles soared to a new record last week, posting the biggest increase in 14 years as oil production rose.
WTI Crude Technical Levels
The immediate resistance is seen at 51.24 (hourly 100-MA), above which gains could be extended to 51.83. On the flip side, a break below 50.85 could drive the prices lower to 50.36.
Prices shot higher as the hardline stance indicated by Rouhani means delay in the nuclear deal and low prospects of rise in Iranian exports in the near future.
Supplies at record highs
The gains are being capped by a report from the US Energy Information Administration (EIA) showing the nation’s crude stockpiles soared to a new record last week, posting the biggest increase in 14 years as oil production rose.
WTI Crude Technical Levels
The immediate resistance is seen at 51.24 (hourly 100-MA), above which gains could be extended to 51.83. On the flip side, a break below 50.85 could drive the prices lower to 50.36.