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24 Dec 2014
WTI Crude oil slips below USD 57
FXStreet (Mumbai) - Crude oil prices on NYMEX erased gains from the US session and slipped today as investors booked profits after crude prices rallied over 1% yesterday.
Currently, WTI oil traded at USD 56.79/ barrel, down -0.60% on the day. Crude oil prices rebounded from five year lows yesterday after a report showed the US economy, underpinned by healthy domestic demand, grew at the strongest rate in more than a decade. However, oil prices reversed gains and continue to remain under pressure as comments by Saudi Arabia Oil Minister Ali al-Naimi continued to weigh.
Meanwhile, markets may now turn their attention towards oil inventory data from EIA later tonight. The data is expected to show a drawdown in oil supplies to 2.4 million barrels last week, signalling an improvement in fuel demand in the world’s top oil user.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 57.56 (Dec 23 High), above which gains could be extended to 58.42 (Dec 19 High) levels. Meanwhile, support is seen at 55.13 (Dec 22 Low) levels from here losses could be extended to 54 levels.
Currently, WTI oil traded at USD 56.79/ barrel, down -0.60% on the day. Crude oil prices rebounded from five year lows yesterday after a report showed the US economy, underpinned by healthy domestic demand, grew at the strongest rate in more than a decade. However, oil prices reversed gains and continue to remain under pressure as comments by Saudi Arabia Oil Minister Ali al-Naimi continued to weigh.
Meanwhile, markets may now turn their attention towards oil inventory data from EIA later tonight. The data is expected to show a drawdown in oil supplies to 2.4 million barrels last week, signalling an improvement in fuel demand in the world’s top oil user.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 57.56 (Dec 23 High), above which gains could be extended to 58.42 (Dec 19 High) levels. Meanwhile, support is seen at 55.13 (Dec 22 Low) levels from here losses could be extended to 54 levels.