WTI Oil - Off ten-day low, still down 1%

Omkar Godbole FXStreet Contributor

WTI oil has recovered from the ten-day low of $62.75 but still remains 1.10 percent lower on the day at $63.10 levels.

Prices fell in Asia from the high of $63.61 seemingly due to fears that rising US shale output would derail the oil market rebalancing set in motion by the OPEC-led output cut deal.

Also, Reuters report cites traders as saying that, "the lower prices were prompted by a recovery in U.S. oil production after a recent drop, as well as by an expected fall in demand when winter ends in the northern hemisphere."

Ahead in the day, oil could hit by another wave of selling if the Baker Hughes report shows an increase in number oil rigs in the US.

WTI Technical Outlook

A move below $62.65 (23.6% Fib R of Dec. 14 low-Jan. 15 high) could yield $62.08 (Jan. 4 high) and $61.41 (38.2% Fib R of Dec. 14 low-Jan. 15 high). Also, a negative close today would confirm bearish 5-day MA and 10-day MA crossover.

On the higher side, breach of resistance at $63.23 (Jan. 17 low) would expose $63.61 (session high) and $63.85 (5-day MA).

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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