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10 Dec 2014
Crude futures decline ahead of the inventory data
FXStreet (Mumbai) - Crude prices at both the sides of the Atlantic declined as the steady US dollar triggered a wave of profit booking ahead of the weekly supply data in the US.
WTI Crude for Janaury delivery traded 1.73% lower at USD 62.72/barrel, while the Brent Crude for January delivery traded 1.5% at USD 65.84/barrel. Most analysts say, prices may extend the slide today if the US inventory data shows higher stock levels. The prices have also come under pressure after the US Energy Information Agency (EIA) cut its crude price forecasts for 2015 by USD 15/barrel. West Texas Intermediate will average USD 62.75/barrel in 2015 versus the November projection of USD 77.75/barrel. The agency also trimmed its Brent crude estimate for next year to USD 68.08/barrel from USD 83.42/barrel.
Meanwhile, the agency’s statistical arm also said U.S. production will rise to 8.6 million barrels a day this year and 9.32 million in 2015, up from 7.44 million last year. The 2015 forecast is down from last month’s estimate of 9.42 million.
WTI Crude Technical Levels
WTI Crude has an immediate support located 61.34, under which losses could be extended to 60.68 levels. Meanwhile, resistance is seen at 63.72 and 64.20 levels.
WTI Crude for Janaury delivery traded 1.73% lower at USD 62.72/barrel, while the Brent Crude for January delivery traded 1.5% at USD 65.84/barrel. Most analysts say, prices may extend the slide today if the US inventory data shows higher stock levels. The prices have also come under pressure after the US Energy Information Agency (EIA) cut its crude price forecasts for 2015 by USD 15/barrel. West Texas Intermediate will average USD 62.75/barrel in 2015 versus the November projection of USD 77.75/barrel. The agency also trimmed its Brent crude estimate for next year to USD 68.08/barrel from USD 83.42/barrel.
Meanwhile, the agency’s statistical arm also said U.S. production will rise to 8.6 million barrels a day this year and 9.32 million in 2015, up from 7.44 million last year. The 2015 forecast is down from last month’s estimate of 9.42 million.
WTI Crude Technical Levels
WTI Crude has an immediate support located 61.34, under which losses could be extended to 60.68 levels. Meanwhile, resistance is seen at 63.72 and 64.20 levels.