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4 Mar 2015
WTI treads water ahead of US weekly stockpiles report
FXStreet (Mumbai) - WTI oil futures on the Nymex halted its uptrend and traded flat awaiting fresh US stockpiles data, while Brent dropped, but held above the USD 60 level after Saudi Arabia's price hike.
Crude holds above USD 50/barrel
Currently, WTI trades flat at USD 50.51/ barrel, consolidating above USD 50 levels. Crude prices stalled its rally and hovered around a flatline as traders remain wary ahead of a weekly report on crude stockpiles in the US amid worries it may show another record high.
However, a price hike by Saudi Arabia partially helped to boost the sentiment. Saudi Arabia increased its official selling price for buyers in Asia, the US and northwest Europe, with analysts saying this is a sign that prices have bottomed out as the country is confident in raising prices without being afraid of losing market share.
Later in this session, the Energy Information Administration (EIA) will publish its report on US crude reserves. Markets forecast a rise of 3.95 million barrels for the week ending February 27, following an 8.4 million jump the week before. It would be the eighth straight week of a new record high.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 51 levels above which gains could be extended to 52.49 levels. Meanwhile, support is seen at 48.50 levels from here losses could be extended to 47.84 levels.
Crude holds above USD 50/barrel
Currently, WTI trades flat at USD 50.51/ barrel, consolidating above USD 50 levels. Crude prices stalled its rally and hovered around a flatline as traders remain wary ahead of a weekly report on crude stockpiles in the US amid worries it may show another record high.
However, a price hike by Saudi Arabia partially helped to boost the sentiment. Saudi Arabia increased its official selling price for buyers in Asia, the US and northwest Europe, with analysts saying this is a sign that prices have bottomed out as the country is confident in raising prices without being afraid of losing market share.
Later in this session, the Energy Information Administration (EIA) will publish its report on US crude reserves. Markets forecast a rise of 3.95 million barrels for the week ending February 27, following an 8.4 million jump the week before. It would be the eighth straight week of a new record high.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 51 levels above which gains could be extended to 52.49 levels. Meanwhile, support is seen at 48.50 levels from here losses could be extended to 47.84 levels.