Yesterday, Crude Oil WTI climbed to its highest price seen in 2015 at $54/barrel. Gains were seen due to comments from the EIA that they expect production to start falling soon and also due to speculation that inventories could come out below expectations. After reaching this level, however, the price started to fall again due to comments from Saudi Arabia’s oil minister as he stated that their production remains near a 10 year high. This was supported by a report from the API which showed that inventories climbed by a surprising 12.2million barrels.
Today, traders should watch a report from the EIA which will be released at 2.30PM (GMT). They are expected to show that stockpiles increased by 3.429 million barrels in the past week. The release usually boosts volatility. The movement is sideways. Support is found at 51.10 and resistance at 54.00.
April 8, 2015 – Commodities News
Crude Oil WTI
Yesterday, Crude Oil WTI climbed to its highest price seen in 2015 at $54/barrel. Gains were seen due to comments from the EIA that they expect production to start falling soon and also due to speculation that inventories could come out below expectations. After reaching this level, however, the price started to fall again due to comments from Saudi Arabia’s oil minister as he stated that their production remains near a 10 year high. This was supported by a report from the API which showed that inventories climbed by a surprising 12.2million barrels.
Today, traders should watch a report from the EIA which will be released at 2.30PM (GMT). They are expected to show that stockpiles increased by 3.429 million barrels in the past week. The release usually boosts volatility. The movement is sideways. Support is found at 51.10 and resistance at 54.00.
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