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25 Feb 2015
WTI Crude steady ahead of EIA inventory data
FXStreet (Mumbai) - The WTI Crude April futures have gained by about half a percentage point ahead of the weekly supply data released by the Energy Information Administration (EIA).
WTI Crude: Trades above 50-DMA
Prices trade above the 50-DMA located at USD 49.41/barrel after having ended the previous session slightly lower at USD 49.18. Crude prices finished lower for the fourth consecutive session yesterday after the data from the American Petroleum Institute (API) showed Crude oil inventories rose by 8.9 million barrels in the week ended Feb. 20, beating the estimate of 3.7 million barrels.
Still, prices inched higher today ahead of the before an Energy Information Administration report, which could show Crude stockpiles probably increased by 4 million barrels last week. Supplies increased in the past six weeks to 425.6 million, the highest in weekly records dating back to August 1982. Prices could drop today if the EIA data shows inventory build up far exceeded the analysts’ expectations.
WTI Crude Technical levels
The immediate resistance is seen at 49.84, above which gains could be extended to 50.31 (hourly 100-MA). On the flip side, support is seen at 49.32 (hourly 50-MA) and 48.68 levels.
WTI Crude: Trades above 50-DMA
Prices trade above the 50-DMA located at USD 49.41/barrel after having ended the previous session slightly lower at USD 49.18. Crude prices finished lower for the fourth consecutive session yesterday after the data from the American Petroleum Institute (API) showed Crude oil inventories rose by 8.9 million barrels in the week ended Feb. 20, beating the estimate of 3.7 million barrels.
Still, prices inched higher today ahead of the before an Energy Information Administration report, which could show Crude stockpiles probably increased by 4 million barrels last week. Supplies increased in the past six weeks to 425.6 million, the highest in weekly records dating back to August 1982. Prices could drop today if the EIA data shows inventory build up far exceeded the analysts’ expectations.
WTI Crude Technical levels
The immediate resistance is seen at 49.84, above which gains could be extended to 50.31 (hourly 100-MA). On the flip side, support is seen at 49.32 (hourly 50-MA) and 48.68 levels.