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16 Apr 2015
Crude oil retreats from 4-month high
FXStreet (Mumbai) - Crude oil price in the US retreated from the four-month high of USD 56.66 seen on Wednesday on signs of revival in the US dollar.
Prices supported by bullish EIA inventory reported
Prices shot higher on Wednesday after the data from the Energy Information Administration (EIA) showed weekly inventory only rose by 1.3 million barrels, and not the 4.1 million barrels expected. The 1.3 billion barrel increase in the week that ended April 10 was a much smaller gain than the previous week’s 10.9 million barrels.
Futures have rallied from USD 51.48 to USD 56.66 in the last three consecutive trading sessions, which may also invite technical correction in prices. At the moment, WTI futures are trading at USD 56.03/barrel, compared to the session high of USD 56.51/barrel.
WTI Crude Technical Levels
The immediate resistance is seen at 56.66, above which gains could be extended to 57.33. On the flip side, a break below 56.00 could drive the prices lower to 54.20 levels.
Prices supported by bullish EIA inventory reported
Prices shot higher on Wednesday after the data from the Energy Information Administration (EIA) showed weekly inventory only rose by 1.3 million barrels, and not the 4.1 million barrels expected. The 1.3 billion barrel increase in the week that ended April 10 was a much smaller gain than the previous week’s 10.9 million barrels.
Futures have rallied from USD 51.48 to USD 56.66 in the last three consecutive trading sessions, which may also invite technical correction in prices. At the moment, WTI futures are trading at USD 56.03/barrel, compared to the session high of USD 56.51/barrel.
WTI Crude Technical Levels
The immediate resistance is seen at 56.66, above which gains could be extended to 57.33. On the flip side, a break below 56.00 could drive the prices lower to 54.20 levels.