26 Jan 2015
WTI Crude rises on El-Badri’s comments
FXStreet (Mumbai) - The oil prices in the US popped after the Secretary General of OPEC, El-Badri, expressed the possibility of discussions with non-OPEC producers to balance markets.
WTI Crude now trades 0.71% higher at USD 45.92/barrel; having recovered a low of USD 44.36/barrel hit earlier today. Oil prices clocked a high of USD 46.03 after the OPEC Secretary General said supply and not demand would balance the market, while stating that discussions regarding balancing the market are possible with the non-OPEC producers. Moreover, the comment regarding supply is tad bullish, due to which prices shot higher.
WTI Crude Technical Levels
The immediate resistance is seen at 46.03, above which the prices could test the hourly chart resistance at 46.69. On the flip side, break below 45.24, shall open doors for a re-test of 44.72 levels.
WTI Crude now trades 0.71% higher at USD 45.92/barrel; having recovered a low of USD 44.36/barrel hit earlier today. Oil prices clocked a high of USD 46.03 after the OPEC Secretary General said supply and not demand would balance the market, while stating that discussions regarding balancing the market are possible with the non-OPEC producers. Moreover, the comment regarding supply is tad bullish, due to which prices shot higher.
WTI Crude Technical Levels
The immediate resistance is seen at 46.03, above which the prices could test the hourly chart resistance at 46.69. On the flip side, break below 45.24, shall open doors for a re-test of 44.72 levels.