7 Jan 2015
Crude prices recover during the US session
FXStreet (Mumbai) - Crude prices at both the sides of the Atlantic recovered losses of more than 2% to trade positive ahead of the Energy Information Agency’s (EIA) weekly inventory data.
WTI Crude for February delivery trades 2.52% higher at USD 49.19/barrel, while Brent Crude for February delivery trades 1.16% higher at USD 51.70/barrel, after having recovered from below USD 50 levels; least since May 2009. Crude prices recover ahead of the EIA data which is likely to show crude stockpiles probably rose by 700,000 barrels last week while gasoline inventories advanced 4.5 million. Meanwhile, the American Petroleum Institute (API) yesterday reported a drop in Crude supplies in the week ended Jan. 2.
WTI Crude Technical Levels
The immediate resistance on the hourly charts is seen at 49.44, followed by another resistance at 49.70 levels. On the other hand, a break below 48.51, shall open doors for a re-test of 47.56 levels.
WTI Crude for February delivery trades 2.52% higher at USD 49.19/barrel, while Brent Crude for February delivery trades 1.16% higher at USD 51.70/barrel, after having recovered from below USD 50 levels; least since May 2009. Crude prices recover ahead of the EIA data which is likely to show crude stockpiles probably rose by 700,000 barrels last week while gasoline inventories advanced 4.5 million. Meanwhile, the American Petroleum Institute (API) yesterday reported a drop in Crude supplies in the week ended Jan. 2.
WTI Crude Technical Levels
The immediate resistance on the hourly charts is seen at 49.44, followed by another resistance at 49.70 levels. On the other hand, a break below 48.51, shall open doors for a re-test of 47.56 levels.