FXStreet (Mumbai) –“> WTI oil prices on NYMEX trades around a flat line heading into European opening bells, as markets continue to digest yesterday’s steep rise in crude reserves as revealed by the EIA weekly inventory report.
WTI pressured on oversupply worries
Currently, WTI trades modestly flat at 49.28, oscillating in a narrow range. Oil prices extended sharp losses after the official update on commercial inventories of the commodity released earlier in the session showed a 2.5 million barrel build last week, the largest since week of April 17, sentencing WTI to drift below the crucial threshold. Markets had been expecting to see a 1.75 million barrel draw.
While broad US dollar weakness is also lending helping hand to the oil prices. The US dollar index – a virtual measure of the greenback’s power against its six major peers – stood lower at 97.56.
WTI Oil Technical Levels
WTI oil has an immediate resistance which stands at 50 levels above which gains could be extended to 51.58 levels. Meanwhile, support is seen at 49.04 levels from here losses could be extended to 48.79 levels.
(Market News Provided by FXstreet)