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16 Oct 2014
WTI Crude recovers from a 28-month low ahead of supply data
FXStreet (Mumbai) - WTI Crude prices have recovered ahead of the weekly supply data due for release later in the day. Prices had dropped to a lowest level in 28 months earlier today.
WTI crude is trading 1.01% lower at USD 80.89/barrel today, having recovered from a 28-month low of USD 79.86/barrel hit earlier today. The oil prices received support from the strong weekly jobless claims data and the Industrial production data in the US. The jobless claims for the last week came in at 14-year low level while the September month Industrial Production printed at 1%, well above the expectation of 0.4% growth.
Moreover, Crude oil also received support from the US equity markets, which have recovered to trade just 0.4% down for the day.
WTI Crude Technical Levels
Crude has an immediate resistance of 81.24, above which prices can rise to 82.41 levels. On the flip side, prices may decline to 77.28 levels if the prices fall below the day’s low of 79.86.
WTI crude is trading 1.01% lower at USD 80.89/barrel today, having recovered from a 28-month low of USD 79.86/barrel hit earlier today. The oil prices received support from the strong weekly jobless claims data and the Industrial production data in the US. The jobless claims for the last week came in at 14-year low level while the September month Industrial Production printed at 1%, well above the expectation of 0.4% growth.
Moreover, Crude oil also received support from the US equity markets, which have recovered to trade just 0.4% down for the day.
WTI Crude Technical Levels
Crude has an immediate resistance of 81.24, above which prices can rise to 82.41 levels. On the flip side, prices may decline to 77.28 levels if the prices fall below the day’s low of 79.86.