Oil is climbing as traders begin to speculate that supplies have reached a peak and could start to fall. The speculation was boosted by comments from the EIA yesterday who noted that they expect production from 7 regions to decline by 57,000 barrels each day between April and May. In addition, tension in the Middle East could add support as if the region de-stabilizes, supplies could be affected.
Today, the API will release inventory data at 8.30PM (GMT). This could spark volatility. The movement is sideways. Support is found 50.00 and resistance at 53.10.
April 14, 2015 – Commodities News
Crude Oil WTI
Oil is climbing as traders begin to speculate that supplies have reached a peak and could start to fall. The speculation was boosted by comments from the EIA yesterday who noted that they expect production from 7 regions to decline by 57,000 barrels each day between April and May. In addition, tension in the Middle East could add support as if the region de-stabilizes, supplies could be affected.
Today, the API will release inventory data at 8.30PM (GMT). This could spark volatility. The movement is sideways. Support is found 50.00 and resistance at 53.10.