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11 Mar 2015
WTI Crude drops after weekly inventory data
FXStreet (Mumbai) - WTI Crude futures in the US trade at more than one-month low below USD 48.00/barrel after the weekly supply data showed a more-than-expected rise in the Crude inventories in the last week.
The US Energy Information Administration (EIA) reported the crude inventories in the US for the week ended March 6 at 4.512 million barrels. Analysts were expecting 4.5 million-barrel build. The American Petroleum Institute had reported a surprise drop of 404,000-barrel on late Tuesday.
The rise in Crude inventories reported by EIA pushed the WTI Crude futures lower to USD 47.43/barrel. Moreover, Crude stocks in the US already stand at a more than three decade highs.
WTI Crude Technical Levels
The immediate support is seen at 47.03 (Feb. 1 low), under which losses could be extended to 46.65 levels. On the other hand, resistance is seen at 47.80 and 48.18 levels.
The US Energy Information Administration (EIA) reported the crude inventories in the US for the week ended March 6 at 4.512 million barrels. Analysts were expecting 4.5 million-barrel build. The American Petroleum Institute had reported a surprise drop of 404,000-barrel on late Tuesday.
The rise in Crude inventories reported by EIA pushed the WTI Crude futures lower to USD 47.43/barrel. Moreover, Crude stocks in the US already stand at a more than three decade highs.
WTI Crude Technical Levels
The immediate support is seen at 47.03 (Feb. 1 low), under which losses could be extended to 46.65 levels. On the other hand, resistance is seen at 47.80 and 48.18 levels.