WTI Crude rises above USD 51.00

3 February 2015, 10:42
Andrius Kulvinskas
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Crude prices in the US rose to USD 51.00/barrel, extending the two-day rally as falling rig count in the US is likely to curb supply.

Prices fast approaching 50-DMA

Crude prices are on their way to test the 50-DMA located at USD 51.675 after rallying more than 11% in the past two sessions. Crude prices received support after the data in the US showed the number of US oil drilling rigs had fallen by the most in nearly 30 years last week. Moreover, the falling rig count indicates US producers are pulling back on new production in response to low prices.

WTI Crude Technical Levels

WTI Crude currently trades 3.22% higher at USD 51.17/barrel. The immediate resistance is located at 51.67 levels, above which gains could be extended to 52.42 (Dec. 31st low). Meanwhile, support is seen at 50.00 and 48.94 levels.
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