17 Jun 2015
WTI Crude trades flat in Asia
FXStreet (Mumbai) - The crude prices in the US traded flat around USD 60.00/barrel, as investors look forward to the weekly Energy Information Administration (EIA) report in the US.
The American Petroleum Institute (API) reported a decline in the US gasoline and crude inventories fell 2.9 million barrels per day. Consequently, WTI futures rose to a high of USD 60.34/barrel, before ending slightly lower at USD 59.97/barrel.
The EIA's report on Wednesday is expected to show that crude stockpiles for the week ending on June 12 fell by 1.8 million barrels. Last week, the EIA report showed crude inventories fell for the sixth consecutive week to 470.6 million, its highest level at this time of the year in at least 80 years.
WTI Crude Technical Levels
The immediate resistance is located at 60.10 (hourly 100-MA), above which gains could be extended to 61.80. On the flip side, a break below 59.64 (hourly 200-MA) could see the futures target 58.71.
The American Petroleum Institute (API) reported a decline in the US gasoline and crude inventories fell 2.9 million barrels per day. Consequently, WTI futures rose to a high of USD 60.34/barrel, before ending slightly lower at USD 59.97/barrel.
The EIA's report on Wednesday is expected to show that crude stockpiles for the week ending on June 12 fell by 1.8 million barrels. Last week, the EIA report showed crude inventories fell for the sixth consecutive week to 470.6 million, its highest level at this time of the year in at least 80 years.
WTI Crude Technical Levels
The immediate resistance is located at 60.10 (hourly 100-MA), above which gains could be extended to 61.80. On the flip side, a break below 59.64 (hourly 200-MA) could see the futures target 58.71.