WTI has just hit a fresh low and the lowest levels since Nov 21st business at $55.92bbls from a high of $57.63.
UAE EnergyMin: 2018 oil demand to be at 2017 level or more
WTI has ended lower on Wednesday after another better bid session for the greenback, rising 0.24% at 93.60 by the close between a range of 93.171 and 93.650. There was a drop in domestic crude supplies but also there was an unexpectedly large rise in gasoline inventories.
Gold: recovery limited by $1270, drops to test yesterday’s low
The U.S. Energy Information Administration on Wednesday morning reported that domestic crude supplies fell 5.6 million bbls last week, exceeding a forecast for a decline of 4.1 million bbls from analysts surveyed by S&P Global Platts. However, gasoline stockpiles rose 6.8 million bbls versus a forecast rise of 2.7 million bbls.
Below $56.30 (Nov. 21 low) WTI is having a look in at $55 (psychological level) with pressure from the 21-D SMA at $57.11 ahead of $59.05 (Nov. 24 high), $60 (psychological level) and $61.50 (Jun. 22 high) as next resistance. However, there is little hope of a rebound while indicators are turning progressively bearish with RSI (14) now at 47 with a break of 5th Nov lows on the cards at $55.79.
- WTI bullish medium term (as long as $49.10 holds) – Commerzbank
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