22 Oct 2014
WTI Crude awaits supply data, money pours into Oil ETFs
FXStreet (Mumbai) - WTI Crude prices have inched higher ahead of the weekly supply data, which is likely to show a rise in the crude oil stockpiles in the US.
WTI Crude for December delivery is trading 0.45% higher at USD 82.86/barrel. The weekly stockpile report due for release today is likely to show that stockpiles rose by 2.7 million barrels last week. Meanwhile, the data from the American Petroleum Institute (API) yesterday, showed a rise in the crude inventory levels by 1.2 million barrels in the week ended October 17.
Crude prices have recovered since last few trading sessions after major investment banks said the sell-ff was overdone. Moreover, investors are buying into Oil ETFs at the fastest rate in two years. The major ETFs listed in the US, have seen an inflow of USD 334 million till last week.
WTI Crude Technical levels
WTI Crude has an immediate resistance of 83.25 on the hourly chart, above which prices can rise to 84.09 levels. Meanwhile, prices can fall to 81.60 levels, if the immediate support of 82.28 is breached.
WTI Crude for December delivery is trading 0.45% higher at USD 82.86/barrel. The weekly stockpile report due for release today is likely to show that stockpiles rose by 2.7 million barrels last week. Meanwhile, the data from the American Petroleum Institute (API) yesterday, showed a rise in the crude inventory levels by 1.2 million barrels in the week ended October 17.
Crude prices have recovered since last few trading sessions after major investment banks said the sell-ff was overdone. Moreover, investors are buying into Oil ETFs at the fastest rate in two years. The major ETFs listed in the US, have seen an inflow of USD 334 million till last week.
WTI Crude Technical levels
WTI Crude has an immediate resistance of 83.25 on the hourly chart, above which prices can rise to 84.09 levels. Meanwhile, prices can fall to 81.60 levels, if the immediate support of 82.28 is breached.