FXStreet (Mumbai) – The US oil took a breather in its upsurge and held near two-week highs above 43 barrier, mainly supported by a broadly muted US dollar and smaller than expected rise in crude reserves.
WTI hovers near 2-week highs
Currently, WTI trades 0.24% higher at 43.14, oscillating in a narrow range above 43 levels. Oil prices paused its three-back-to-back sessions of heavy gains and consolidates near multi-week highs as the European traders absorb the latest EIA stockpiles report heading into a light Thanksgiving trading session.
The EIA report showed on Wednesday that crude stocks in the US climbed by 961,000 barrels in the week to November 20, against a 1 million barrel gain expected.
Adding to the upbeat sentiment around the black gold, the number of oil rigs in the US fell by 9 to 555 this week, the lowest level since early June 2010, according to oilfield services company Baker Hughes report released yesterday.
Meanwhile, oil prices remain underpinned amid the conflict over the US and Syria, with the States accusing Syria of, “targeting the finances of all those enabling Assad to continue inflicting violence on the Syrian people.”
WTI Oil Technical Levels
WTI oil has an immediate resistance which stands at 43.46 (Nov 24 high) above which gains could be extended to 44 (round number). While to the downside, the immediate support is at 41.54 (Nov 12 Low), below which the prices could drop to 40.41 (Nov 23 Low).
(Market News Provided by FXstreet)