13 Feb 2015
WTI extends gains in Asian session
FXStreet (Mumbai) - WTI oil futures on the Nymex continued its upward trajectory in the Asian session largely on a softer US dollar and news of spending and jobs cuts by Industry giants.
Jumps to fresh daily highs, eyes USD 52 barrel
Currently, WTI gains 0.79% and traded at USD 51.62/ barrel, close to fresh daily highs posted at 51.73 levels some minutes ago. Crude oil swung back over the USD 50 a barrel mark and remains elevated after a pullback of the US dollar opened up the door for a rally in oil. The losses in the greenback were prompted by some tepid US macro data released in the previous session.
Moreover, the reports of spending cuts by industry giants raised speculations that supply might not be able to keep up with growing demand, further boosted the upside in the oil prices.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 51 levels above which gains could be extended to 51.60 levels. Meanwhile, support is seen at 48.05 levels from here losses could be extended to 47.36 levels.
Jumps to fresh daily highs, eyes USD 52 barrel
Currently, WTI gains 0.79% and traded at USD 51.62/ barrel, close to fresh daily highs posted at 51.73 levels some minutes ago. Crude oil swung back over the USD 50 a barrel mark and remains elevated after a pullback of the US dollar opened up the door for a rally in oil. The losses in the greenback were prompted by some tepid US macro data released in the previous session.
Moreover, the reports of spending cuts by industry giants raised speculations that supply might not be able to keep up with growing demand, further boosted the upside in the oil prices.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 51 levels above which gains could be extended to 51.60 levels. Meanwhile, support is seen at 48.05 levels from here losses could be extended to 47.36 levels.