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WTI oil hit fresh 12-year low ahead of US inventory data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Oil futures extended losses to a hit a fresh 12-year low of USD 27.39 ahead of the data in the US, which could show inventories ticked higher last week.

    Hovers around $27.50

    Prices remain USD 27.50/barrel; threatening to drop below USD 27.00 if the inventory data adds to the bearish tone around WTI futures. The US government inventory data in a few minutes from now is expected to show a 3.6 million-barrel rise in crude stocks last week.

    The sell-off resumed yesterday following a bearish International Energy Agency (IEA) monthly report. The offered tone strengthened further after the OPEC report revised global oil demand growth forecasts lower today.

    WTI Oil Technical Levels

    The immediate support is seen at 27.39 (daily low), which if taken out shall open doors for a drop to 27.00 levels. On the higher side, the daily low of 28.73 could act as a resistance, above which prices could test 29.41 (Feb 3 low).
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