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3 Apr 2015
WTI eyes USD 50/ barrel
FXStreet (Mumbai) - WTI oil futures on the Nymex trimmed gains and remained in green heading towards the European opening bells, recovering from the negative territory, as markets remained calm amid thin trading as traders were away on Easter holidays.
WTI higher on muted USD
Currently, WTI trades nearly 0.24% higher at 49.53/ barrel, retracing from day’s high of 50.27. Crude prices regained strength today largely on short-covering rally after experiencing volatile trading within a 200 points range in the previous session.
Traders observed a second day of extended talks between Iran and six world powers which finally saw a framework solution agreed on Iran's nuclear program and eventually transform into a final agreement by the end of June.
However, gains were limited as oversupply worries returned to markets. In the US, the weekly report by the Energy Information Administration showed on Wednesday that US crude inventories rose for the 12th week in a row to reach a new record high of well over 471 million barrels. The increase of 4.766 million barrels topped estimates of a 4.181 million gain.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 50.27 levels above which gains could be extended to 52 levels. Meanwhile, support is seen at 47 levels from here losses could be extended to 46.67 levels.
WTI higher on muted USD
Currently, WTI trades nearly 0.24% higher at 49.53/ barrel, retracing from day’s high of 50.27. Crude prices regained strength today largely on short-covering rally after experiencing volatile trading within a 200 points range in the previous session.
Traders observed a second day of extended talks between Iran and six world powers which finally saw a framework solution agreed on Iran's nuclear program and eventually transform into a final agreement by the end of June.
However, gains were limited as oversupply worries returned to markets. In the US, the weekly report by the Energy Information Administration showed on Wednesday that US crude inventories rose for the 12th week in a row to reach a new record high of well over 471 million barrels. The increase of 4.766 million barrels topped estimates of a 4.181 million gain.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 50.27 levels above which gains could be extended to 52 levels. Meanwhile, support is seen at 47 levels from here losses could be extended to 46.67 levels.