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20 May 2015
WTI Crude rises ahead of weekly inventory data
FXStreet (Mumbai) - West Texas Intermediate (WTI) crude futures in the US advanced on Wednesday ahead of the release of the weekly inventory data by the US government.
Oil prices had taken a hit in the previous session on the back of a strong US dollar and increased exports by Saudi Arabia. However, prices found support after the American Petroleum Institute (API) reported a drop in the inventory levels.
WTI futures advanced more than 1% or 65 cents to trade at USD 58.64/barrel as the weekly inventory data from the Department of Energy (DOE) is expected to show inventories fell by 2.075M in the week ended May. 15.
WTI Crude Technical Levels
The immediate resistance is seen at 59.19 (hourly 50-MA), above which gains could be extended to 59.70 (hourly 200-MA). On the flip side, a break below 58.08 could drive the prices lower to 57.09 (4-hourly 200-MA).
Oil prices had taken a hit in the previous session on the back of a strong US dollar and increased exports by Saudi Arabia. However, prices found support after the American Petroleum Institute (API) reported a drop in the inventory levels.
WTI futures advanced more than 1% or 65 cents to trade at USD 58.64/barrel as the weekly inventory data from the Department of Energy (DOE) is expected to show inventories fell by 2.075M in the week ended May. 15.
WTI Crude Technical Levels
The immediate resistance is seen at 59.19 (hourly 50-MA), above which gains could be extended to 59.70 (hourly 200-MA). On the flip side, a break below 58.08 could drive the prices lower to 57.09 (4-hourly 200-MA).