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15 Apr 2015
WTI elevated ahead of EIA weekly report
FXStreet (Mumbai) - WTI oil futures on the Nymex extends its 4-day rally and remains near fresh weekly highs, albeit with the upside capped by China growth worries and ahead of US crude stockpiles report.
WTI supported above USD 53/ barrel
Currently, WTI trades nearly 0.60% higher at 53.61 levels, facing rejection at 54 levels. Crude prices extends gains largely on news that US shale production to fall amid ongoing tension in the Middle East.
The Energy Information Administration (EIA) forecast revealed that the US shale production is expected to drop by 45,000 barrels to 4.98 million barrels per day in May from April, which would be the first monthly decline in four years.
Moreover, oil stocks in the US rose by 2.6 million barrels in the week to April 10, below analysts' expectations for a 4.1 million barrel gain, the American Petroleum Institute reported on Tuesday.
Later in the day, the EIA report is due to be released, with the market predicting an increase of 3.5 million barrels for the past week, which would be the 14th straight weekly increase.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 54 levels above which gains could be extended to 54.50 levels. Meanwhile, support is seen at 52 levels from here losses could be extended to 50.50 levels.
WTI supported above USD 53/ barrel
Currently, WTI trades nearly 0.60% higher at 53.61 levels, facing rejection at 54 levels. Crude prices extends gains largely on news that US shale production to fall amid ongoing tension in the Middle East.
The Energy Information Administration (EIA) forecast revealed that the US shale production is expected to drop by 45,000 barrels to 4.98 million barrels per day in May from April, which would be the first monthly decline in four years.
Moreover, oil stocks in the US rose by 2.6 million barrels in the week to April 10, below analysts' expectations for a 4.1 million barrel gain, the American Petroleum Institute reported on Tuesday.
Later in the day, the EIA report is due to be released, with the market predicting an increase of 3.5 million barrels for the past week, which would be the 14th straight weekly increase.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 54 levels above which gains could be extended to 54.50 levels. Meanwhile, support is seen at 52 levels from here losses could be extended to 50.50 levels.