WTI oil futures on the Nymex rebound from weekly lows and edged higher during the Asian session on profit-taking on short positions after the recent slump.
Remains below USD 50/ barrel
Currently, WTI gained 1% and traded at USD 49.34/ barrel, having fallen to fresh weekly lows at 48.05 levels in the previous session. Crude oil regained strength on short-covering rally as the traders resorted to profit booking after crude oil tumbled on bearish inventory report in the US last session.
Oil prices slumped yesterday after the Energy Information Administration (EIA) said US crude stockpiles rose 4.87 million barrels in the seven days ending February 6, more than the expected 3.5 million barrels. This reservoir swelled by a total 35.5 million barrels over the past five weeks to a new record-high of 417.93 million barrels.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 50.52 levels above which gains could be extended to 51.60 levels. Meanwhile, support is seen at 48.05 levels from here losses could be extended to 47.36 levels.
Remains below USD 50/ barrel
Currently, WTI gained 1% and traded at USD 49.34/ barrel, having fallen to fresh weekly lows at 48.05 levels in the previous session. Crude oil regained strength on short-covering rally as the traders resorted to profit booking after crude oil tumbled on bearish inventory report in the US last session.
Oil prices slumped yesterday after the Energy Information Administration (EIA) said US crude stockpiles rose 4.87 million barrels in the seven days ending February 6, more than the expected 3.5 million barrels. This reservoir swelled by a total 35.5 million barrels over the past five weeks to a new record-high of 417.93 million barrels.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 50.52 levels above which gains could be extended to 51.60 levels. Meanwhile, support is seen at 48.05 levels from here losses could be extended to 47.36 levels.
