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24 Dec 2014
WTI Crude back below 5-DMA and 10-DMA
FXStreet (Mumbai) - Crude prices in the US have erased gains to trade below the 5-DMA and the 10-DMA levels located at 56.59 and 56.35 levels respectively.
WTI Crude for February delivery is traded 1.83% lower at USD 56.08/barrel, compared to the previous session’s close of USD 57.12/barrel. Prices hit a high of 57.15 before declining to trade at the current level of USD 56.08. Moreover, Crude declined despite expectations of a decline in the inventory data from the Department of Energy (DOE) due today. Nine analysts expect stockpiles fell, while one expects a rise. Forecasts range from a drop of 3.5 million barrels to a rise of 1 million barrels. Estimates from 10 analysts surveyed showed that U.S. oil inventories are projected to have fallen by 1.8 million barrels, on average, in the week ended Dec. 19.
WTI Crude Technical Levels
The immediate support is located at 55.55 and 55.15 levels. Meanwhile, immediate resistance is seen at 56.59 (5-DMA) and 56.35 (10-DMA) levels.
WTI Crude for February delivery is traded 1.83% lower at USD 56.08/barrel, compared to the previous session’s close of USD 57.12/barrel. Prices hit a high of 57.15 before declining to trade at the current level of USD 56.08. Moreover, Crude declined despite expectations of a decline in the inventory data from the Department of Energy (DOE) due today. Nine analysts expect stockpiles fell, while one expects a rise. Forecasts range from a drop of 3.5 million barrels to a rise of 1 million barrels. Estimates from 10 analysts surveyed showed that U.S. oil inventories are projected to have fallen by 1.8 million barrels, on average, in the week ended Dec. 19.
WTI Crude Technical Levels
The immediate support is located at 55.55 and 55.15 levels. Meanwhile, immediate resistance is seen at 56.59 (5-DMA) and 56.35 (10-DMA) levels.