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12 Dec 2014
WTI Crude trades below USD 59.00/barrel
FXStreet (Mumbai) - Crude prices in the US continue to extend losses to trade well below the USD 59.00/barrel mark after the International Energy Agency (IEA) cut the 2015 global oil demand forecast.
WTI Crude now trades 2.14% lower at USD 58.67/barrel. Prices have declined below the previous session’s low of USD 58.96/barrel with ease as back-to-back bearish oil demand and supply forecasts from the Organization of Petroleum Exporting Countries (OPEC) group, Energy Information Agency (EIA), and the IEA today has almost erased any little probability of prices finding a floor in the short run.
Moreover, the prices have failed to gain strength even with the minor correction in the US dollar index this week.
WTI Crude Technical Levels
Crude has an immediate support located at 58.32 (July 2009 low), under which prices could test 57.55 (Feb 2006 low). Meanwhile, resistance is seen at 58.96 and 59.06 levels.
WTI Crude now trades 2.14% lower at USD 58.67/barrel. Prices have declined below the previous session’s low of USD 58.96/barrel with ease as back-to-back bearish oil demand and supply forecasts from the Organization of Petroleum Exporting Countries (OPEC) group, Energy Information Agency (EIA), and the IEA today has almost erased any little probability of prices finding a floor in the short run.
Moreover, the prices have failed to gain strength even with the minor correction in the US dollar index this week.
WTI Crude Technical Levels
Crude has an immediate support located at 58.32 (July 2009 low), under which prices could test 57.55 (Feb 2006 low). Meanwhile, resistance is seen at 58.96 and 59.06 levels.