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18 Mar 2015
WTI Crude falls as stockpiles rise in the US
FXStreet (Mumbai) - WTI Crude hit a session low of USD 42.01/barrel after the data from the Energy Information Administration (EIA) in the US showed crude stockpiles rose for the tenth week.
Crude could drop for seventh consecutive session
WTI Crude may very well be on its way to post losses for the seventh consecutive session after the EIA data showed stockpiles increased by 9.622 million barrels, which is significantly higher than the expectations of a 3.8 million barrel increase. Moreover, trading at a 6-year low, WTI Crude is on track for the longest losing run since July.
The futures currently trade at USD 42.45/barrel. The losses could be extended further if the US dollar strengthens post the release of the FOMC statement.
WTI Crude Technical Levels
The immediate support is seen at 42.00, under which prices could drop to 40.00 levels. On the other hand, a rise above 42.93 could see prices rise to 53.59 (5-DMA) levels.
Crude could drop for seventh consecutive session
WTI Crude may very well be on its way to post losses for the seventh consecutive session after the EIA data showed stockpiles increased by 9.622 million barrels, which is significantly higher than the expectations of a 3.8 million barrel increase. Moreover, trading at a 6-year low, WTI Crude is on track for the longest losing run since July.
The futures currently trade at USD 42.45/barrel. The losses could be extended further if the US dollar strengthens post the release of the FOMC statement.
WTI Crude Technical Levels
The immediate support is seen at 42.00, under which prices could drop to 40.00 levels. On the other hand, a rise above 42.93 could see prices rise to 53.59 (5-DMA) levels.