Both the oil benchmarks halted its rebound and headed south after Citigroup and International Energy Agency (IEA) lowered price outlook.
Oil prices declines on forecasts cuts
Currently, Brent trades lower by -0.63% at USD 58.71/ barrel and WTI oil trades -1.19% lower at USD 52.26/ barrel. Crude gave back previous gains and edged lower after Citigroup slashed its WTI price outlook to USD 46/ barrel, down from a USD 55/ barrel previously. Moreover, its 2015 estimate for Brent crude was cut to USD 54/barrel from a USD 63/ barrel. Meanwhile, the International Energy Agency (IEA) also stated that it sees Brent oil averaging USD 55/ barrel this year.
Additionally, expectations of US crude oil inventories expanding by another 3.5 million barrels for the week ending February 6, also added to the losses in oil prices.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 53 levels above which gains could be extended to 53.99 levels. Meanwhile, support is seen at 51.50 levels from here losses could be extended to sub 51 levels.
Oil prices declines on forecasts cuts
Currently, Brent trades lower by -0.63% at USD 58.71/ barrel and WTI oil trades -1.19% lower at USD 52.26/ barrel. Crude gave back previous gains and edged lower after Citigroup slashed its WTI price outlook to USD 46/ barrel, down from a USD 55/ barrel previously. Moreover, its 2015 estimate for Brent crude was cut to USD 54/barrel from a USD 63/ barrel. Meanwhile, the International Energy Agency (IEA) also stated that it sees Brent oil averaging USD 55/ barrel this year.
Additionally, expectations of US crude oil inventories expanding by another 3.5 million barrels for the week ending February 6, also added to the losses in oil prices.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 53 levels above which gains could be extended to 53.99 levels. Meanwhile, support is seen at 51.50 levels from here losses could be extended to sub 51 levels.
