The Crude prices in the US steadied post 9% losses seen in the previous session as supply concerns resurfaced after the data showed inventories in the US rose to record highs.
Crude inventories in the US at more three-decade highs
The US Energy Information Administration data yesterday that the crude oil inventories in the US rose by 6.3 million barrels last week to 413.1 million, the most in records dating back to August 1982. Oil prices had seen an almost 20% gain since past week as falling oil prices led to decline in the oil rigs in the US. Sharp reductions in U.S. rig counts are helping support prices amid hopes it will alleviate a glut in global supplies.
WTI Crude Technical Levels
Oil currently trades 0.93% higher at USD 48.89/barrel. The immediate resistance is seen at 49.40 (5-DMA), above which gains could be extended to 50.00 levels. Meanwhile, support is seen at 47.42 (10-DMA) and 45.93 levels.
Crude inventories in the US at more three-decade highs
The US Energy Information Administration data yesterday that the crude oil inventories in the US rose by 6.3 million barrels last week to 413.1 million, the most in records dating back to August 1982. Oil prices had seen an almost 20% gain since past week as falling oil prices led to decline in the oil rigs in the US. Sharp reductions in U.S. rig counts are helping support prices amid hopes it will alleviate a glut in global supplies.
WTI Crude Technical Levels
Oil currently trades 0.93% higher at USD 48.89/barrel. The immediate resistance is seen at 49.40 (5-DMA), above which gains could be extended to 50.00 levels. Meanwhile, support is seen at 47.42 (10-DMA) and 45.93 levels.
