FXStreet (Mumbai) – WTI oil on NYMEX halted its downward trajectory on Tuesday and managed to recover some lost ground after booking huge losses yesterday following softer Chinese data and concerns over supply glut.
WTI supported above $ 45
Currently, WTI trades nearly 1% higher at 45.60, recovering from a massive slump. Oil prices turned in to the green territory, although the recovery appears to be short-lived amid persisting worries over the global oversupply, ahead of a weekly US stockpiles report.
Analysts at ANZ noted, “Crude oil is close to the low set earlier in the year, which is now looking likely to be tested as early as this week.”
The American Petroleum Institute (API) is due to deliver its weekly data for seven-day period ending July 31 later in the day, while the more important figures from the Energy Information Administration will come on Wednesday.
Meanwhile, the US dollar index – a virtual measure of the greenback’s power against its six major peers – trades -0.10% lower at 97.49.
WTI Oil Technical Levels
WTI oil has an immediate resistance which stands at 46.50 levels above which gains could be extended to 46.94 levels. Meanwhile, support is seen at 45.08 levels from here losses could be extended to 44 levels.
(Market News Provided by FXstreet)