21 Oct 2015
WTI subdued around $ 46, OPEC Summit eyed
FXStreet (Mumbai) - WTI oil remains in the red on Wednesday, extending weakness from the start of this week, as markets digest a bigger than expected drop in the US crude reserves while the focus now remains the OPEC Summit due later today.
WTI: Struggling below hourly 20-SMA
Currently, WTI trades -0.67% lower at 45.98, hovering in a narrow range. Oil prices keep losses this session as traders have turned cautious ahead of the OPEC and non-OPEC members’ technical meeting on output cuts and price ranges in Vienna.
Moreover, the black gold remains pressured as markets digest the latest API report which showed that crude stocks in the US jumped by 7.1 million barrels to 473 million barrels in the week to October 16, against a 3.5 million barrels rise expectations.
In the day ahead, EIA will report its weekly crude stockpiles report which will throw fresh light on the supply scenario.
WTI Oil Technical Levels
WTI oil has an immediate resistance which stands at 47.05 (100-DMA) levels above which gains could be extended to 47.49 (Oct 19 High) levels. Meanwhile, support is seen 45.74 (50-DMA) from here losses could be extended to 45.23 (Oct 20 Low).
WTI: Struggling below hourly 20-SMA
Currently, WTI trades -0.67% lower at 45.98, hovering in a narrow range. Oil prices keep losses this session as traders have turned cautious ahead of the OPEC and non-OPEC members’ technical meeting on output cuts and price ranges in Vienna.
Moreover, the black gold remains pressured as markets digest the latest API report which showed that crude stocks in the US jumped by 7.1 million barrels to 473 million barrels in the week to October 16, against a 3.5 million barrels rise expectations.
In the day ahead, EIA will report its weekly crude stockpiles report which will throw fresh light on the supply scenario.
WTI Oil Technical Levels
WTI oil has an immediate resistance which stands at 47.05 (100-DMA) levels above which gains could be extended to 47.49 (Oct 19 High) levels. Meanwhile, support is seen 45.74 (50-DMA) from here losses could be extended to 45.23 (Oct 20 Low).