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26 Feb 2015
WTI crude in an attempt to USD 51/ barrel
FXStreet (Mumbai) - WTI oil futures on the Nymex remain in red, recovering partial losses from the Asian session, as another record high crude reserves continue to dampen investors’ sentiments.
Crude fighting for USD 51/ barrel
Currently, WTI trades marginally lower by -0.19% at USD 50.90/ barrel, in another attempt to 51 levels. Crude oil prices inched lower, however recovering from record crude inventories induces slump as traders have begun to price-in oversupplies.
Meanwhile, comments from Saudi oil minister Ali Al-Naimi stating that oil demand has picked up and the world's largest oil exporter wanted to see "calm markets" cushioned the losses in the crude prices. Any recovery in crude prices may be seen as short-lived and a good opportunity for short trades as long as oversupplies scenario persists.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 51.22 levels above which gains could be extended to 52.50 levels. Meanwhile, support is seen at 50 levels from here losses could be extended to 48.50 levels.
Crude fighting for USD 51/ barrel
Currently, WTI trades marginally lower by -0.19% at USD 50.90/ barrel, in another attempt to 51 levels. Crude oil prices inched lower, however recovering from record crude inventories induces slump as traders have begun to price-in oversupplies.
Meanwhile, comments from Saudi oil minister Ali Al-Naimi stating that oil demand has picked up and the world's largest oil exporter wanted to see "calm markets" cushioned the losses in the crude prices. Any recovery in crude prices may be seen as short-lived and a good opportunity for short trades as long as oversupplies scenario persists.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 51.22 levels above which gains could be extended to 52.50 levels. Meanwhile, support is seen at 50 levels from here losses could be extended to 48.50 levels.