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28 Jan 2015
WTI Crude trades above USD 45.00/barrel after inventory data
FXStreet (Mumbai) - The WTI Crude recovered slightly to USD 45.22/barrel after the weekly inventory data from the Department of Energy (DOE) showed inventories at highest level since 1982.
Concerns of excess supply increase
The DOE data showed Crude oil inventories in the US rose 8.9 million barrels last week, blowing past the expected level of 4.2 million expected. Crude inventories at 1982 levels is likely to see markets remain focused on the excess supply situation.
However, the inventory buildup reported by DOE was lower than 12.7 million reported by the American Petroleum Group yesterday. Thus, prices recovered from the low of USD 44.66 to the current rate of USD 45.22/barrel; down 2.18% for the day.
WTI Crude Technical Levels
The immediate support on the hourly charts is seen at 44.81, under which the commodity could test six-year low of 44.36. On the flip side, a breach of immediate resistance on the hourly chart at 45.69 shall push Crude higher to 46.55 levels.
Concerns of excess supply increase
The DOE data showed Crude oil inventories in the US rose 8.9 million barrels last week, blowing past the expected level of 4.2 million expected. Crude inventories at 1982 levels is likely to see markets remain focused on the excess supply situation.
However, the inventory buildup reported by DOE was lower than 12.7 million reported by the American Petroleum Group yesterday. Thus, prices recovered from the low of USD 44.66 to the current rate of USD 45.22/barrel; down 2.18% for the day.
WTI Crude Technical Levels
The immediate support on the hourly charts is seen at 44.81, under which the commodity could test six-year low of 44.36. On the flip side, a breach of immediate resistance on the hourly chart at 45.69 shall push Crude higher to 46.55 levels.