Crude prices in the US hit a fresh session low of USD 50.77/barrel due to the slowdown in China, concerns of excess supply, and a strong US dollar.
Prices fall below hourly 100-SMA
Crude prices fell below the hourly 100-SMA located at USD 51.18, after having faced rejection at the hourly 50-SMA at USD 52.23 earlier today. Oil prices have weakened since the Asian session today on concerns of a slowdown in China and IEA’s forecast of record high supply in 2015.
WTI Crude Technical Levels
At the moment futures are down 3.75% at USD 50.88/barrel. The immediate support is seen at 50.63 (50-DMA) and 50.00 levels. Meanwhile, resistance is seen at 51.18 (hourly 100-SMA) and 51.63 levels.
Prices fall below hourly 100-SMA
Crude prices fell below the hourly 100-SMA located at USD 51.18, after having faced rejection at the hourly 50-SMA at USD 52.23 earlier today. Oil prices have weakened since the Asian session today on concerns of a slowdown in China and IEA’s forecast of record high supply in 2015.
WTI Crude Technical Levels
At the moment futures are down 3.75% at USD 50.88/barrel. The immediate support is seen at 50.63 (50-DMA) and 50.00 levels. Meanwhile, resistance is seen at 51.18 (hourly 100-SMA) and 51.63 levels.
