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24 Feb 2015
WTI falls to fresh 3-week lows
FXStreet (Mumbai) - WTI oil futures on the Nymex extended its decent and slipped to fresh three week lows in the European morning as worries over global oversupply continue to plague the market amid a strengthening US dollar.
Oil back below USD 50/ barrel
Currently, WTI trades lower by -0.96% at USD 48.98/ barrel, close to fresh three week lows posted at 48.87 levels few minutes ago. Crude oil fell amid worries that US crude supplies continued to rise, worsening the global glut.
Crude stockpiles in the US are expected to increase by about 3.75 million barrels for the week ending February 20; the Energy Information Administration's report is due to show on Wednesday.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 50 levels above which gains could be extended to 50.97 levels. Meanwhile, support is seen at 48 levels from here losses could be extended to 47.46 levels.
Oil back below USD 50/ barrel
Currently, WTI trades lower by -0.96% at USD 48.98/ barrel, close to fresh three week lows posted at 48.87 levels few minutes ago. Crude oil fell amid worries that US crude supplies continued to rise, worsening the global glut.
Crude stockpiles in the US are expected to increase by about 3.75 million barrels for the week ending February 20; the Energy Information Administration's report is due to show on Wednesday.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 50 levels above which gains could be extended to 50.97 levels. Meanwhile, support is seen at 48 levels from here losses could be extended to 47.46 levels.