Back
20 May 2015
WTI rebounds ahead of EIA weekly report
FXStreet (Mumbai) - WTI oil futures on the Nymex bounced-off fresh three week lows and climbed higher on Wednesday with markets now awaiting the latest US stockpiles report while broad based US dollar strength continues to weigh.
WTI back above $58
Currently, WTI trades 0.51% higher at 58.28, recovering from fresh three week lows reached at 57.93. Oil prices moved higher this session, correcting previous losses after news that US API crude inventories dropped more than expectations.
Crude inventories in the US fell by 5.2 million barrels to 476.7 million in the week to May 15, the American Petroleum Institute said on Tuesday, compared to estimates of just a 1 million barrels drop.
The report from the Energy Information Administration, which is more important for traders, is due to be published later in the day, with expectations of a 2 million barrels decline.
Technical Levels
WTI oil has an immediate resistance which stands at 60 levels above which gains could be extended to 62 levels. Meanwhile, support is seen at 57.50 levels from here losses could be extended to 56 levels.
WTI back above $58
Currently, WTI trades 0.51% higher at 58.28, recovering from fresh three week lows reached at 57.93. Oil prices moved higher this session, correcting previous losses after news that US API crude inventories dropped more than expectations.
Crude inventories in the US fell by 5.2 million barrels to 476.7 million in the week to May 15, the American Petroleum Institute said on Tuesday, compared to estimates of just a 1 million barrels drop.
The report from the Energy Information Administration, which is more important for traders, is due to be published later in the day, with expectations of a 2 million barrels decline.
Technical Levels
WTI oil has an immediate resistance which stands at 60 levels above which gains could be extended to 62 levels. Meanwhile, support is seen at 57.50 levels from here losses could be extended to 56 levels.