Yesterday, oil added over $2/barrel as Saudi Arabia increased their prices to Asia due to signs of rising demand. In addition, a report from Genscape Inc showed that supplies at Cushing declined by 300,000 barrels over the past week. Supplies at Cushing are estimated to be near capacity and stockpiles have consistently increased since November.
Today, the price rebounded back down to its current level of $51.25/barrel. Losses were seen as the Dollar rallied upwards. Traders also locked in profit as overall market sentiment remains bearish. The American Petroleum Institute will post inventory data at 8.30PM (GMT) and could cause short term volatility. The movement is sideways. Support is found at 47.00 and resistance at 52.40.
April 7, 2015 – Commodities News
Crude Oil WTI
Yesterday, oil added over $2/barrel as Saudi Arabia increased their prices to Asia due to signs of rising demand. In addition, a report from Genscape Inc showed that supplies at Cushing declined by 300,000 barrels over the past week. Supplies at Cushing are estimated to be near capacity and stockpiles have consistently increased since November.
Today, the price rebounded back down to its current level of $51.25/barrel. Losses were seen as the Dollar rallied upwards. Traders also locked in profit as overall market sentiment remains bearish. The American Petroleum Institute will post inventory data at 8.30PM (GMT) and could cause short term volatility. The movement is sideways. Support is found at 47.00 and resistance at 52.40.