FXStreet (Mumbai) – WTI oil prices on NYMEX extend its downside momentum and fell further into losses during the European session as traders prefer to remain on the side lines ahead of the fresh US stockpiles report set to be release later in the US session.
WTI poised to test $ 50
Currently, WTI trades -1.11% lower at 50.28, oscillating in a narrow range. Oil prices continues its losing streaking, reversing a temporary rebound seen on Tuesday as worries over supply glut and slowing demand weighed on the black gold.
The strength of the US dollar is also adding pressure to oil prices. While today the greenback took a breather, the currency is still at the multi-year highs against most of its major peers. The US dollar index – a virtual measure of the greenback’s power against its six major peers – stood at 97.44.
Later today, oil traders will be cautiously watching the government’s Energy Information Administration (EIA) data that are expected to show a decline in US stockpiles by 1.7 million barrels for the week ended July 17.
WTI Oil Technical Levels
WTI oil has an immediate resistance which stands at 51.58 levels above which gains could be extended to 52.54 levels. Meanwhile, support is seen at 50 levels from here losses could be extended to 48.79 levels.
(Market News Provided by FXstreet)