28 Apr 2015
Oil dips ahead of the US supply data
FXStreet (Mumbai) - The Crude prices in the US fell into losses on Tuesday as weekly supply data in the US is likely to show inventories rose to another record high last week.
As per preliminary survey by Reuters, crude stockpiles were expected to have risen last week for the 16th straight week, up from a record 489 million barrels. The US crude futures hit a low of USD 56.05/barrel earlier today before recovering to trade at USD 56.65/barrel.
Moreover, the USD index dipped 0.57% to USD 56.67/barrel, which helped restrict losses in crude prices.
WTI Crude Technical Levels
The immediate support is located at 55.71 (Apr. 22 low), under which losses could be extended to 54.20 (Feb. 3 high). On the flip side, a break above 57.04 (5-DMA) could drive the prices higher to 58.58 (Apr. 20 high).
As per preliminary survey by Reuters, crude stockpiles were expected to have risen last week for the 16th straight week, up from a record 489 million barrels. The US crude futures hit a low of USD 56.05/barrel earlier today before recovering to trade at USD 56.65/barrel.
Moreover, the USD index dipped 0.57% to USD 56.67/barrel, which helped restrict losses in crude prices.
WTI Crude Technical Levels
The immediate support is located at 55.71 (Apr. 22 low), under which losses could be extended to 54.20 (Feb. 3 high). On the flip side, a break above 57.04 (5-DMA) could drive the prices higher to 58.58 (Apr. 20 high).