OIL

[Raam]

Oil Technical Levels - 19.01.2018
Oil (WTI)
Oil price remains elevated over geopolitical tensions surrounding Iran and Venezuela and as inventories slide.
WTI is currently trading at $63.1/barrel. Immediate support lies at $62 area and resistance at $66 area.
Oil (Brent)
Brent remains elevated over WTI due to higher demand, geopolitical tension and OPEC agreement.
Brent is trading at $5.3 per barrel premium to WTI.
Brent is trading at $68.4/barrel. Immediate support lies at $67 area and resistance at $72 region.

[Raam]

Oil Technical Levels - 23.01.2018
Oil (WTI)Oil price remains elevated over geopolitical tensions surrounding Iran and Venezuela and as inventories slide. Today’s range - $63.7-$64.10.
WTI is currently trading at $63.9/barrel. Immediate support lies at $62 area and resistance at $66 area.
Oil (Brent)
Brent remains elevated over WTI due to higher demand, geopolitical tension and OPEC agreement. Today’s range - $69.6-69.10.
Brent is trading at $5.5 per barrel premium to WTI.
Brent is trading at $69.4/barrel. Immediate support lies at $67 area and resistance at $72 region.

[ashif]

Crude Oil Prices Settle Higher Despite Massive Build in Supplies.


Crude oil prices settled higher shrugging off data showing US domestic oil supplies rose for the first time in 11 weeks and production rose above 10 million barrels per day in nearly half a century.On the New York Mercantile Exchange crude futures for March delivery rose 23 cents settle at $64.73 a barrel, while on London's Intercontinental Exchange, Brent gained 0.44% to trade at $68.82 a barrel.


Inventories of U.S. crude fell by rose 6.776 million barrels for the week ended Jan. 26, well above expectations for of a draw of 308,000 barrels. That was the biggest increase in US stockpiles in ten months.Gasoline inventories – one of the products that crude is refined into – fell by 1.980 million barrels, confounding expectations for a build of 1.877 million barrels, while supplies of distillate – the class of fuels that includes diesel and heating oil – unexpectedly fell by 1.940 million barrels, a steeper fall than the 1.454 million barrels expected.


The sharp build in US oil supplies come as the spread between WTI crude and Brent continues to tighten, lessening demand for domestic crude exports, leading to a build in crude stockpiles.U.S. crude production rose to 10.04 million barrels a day set in November 1970, according to data released by EIA on Wednesday. That level brings the US closer to world's top producers Saudi Arabia and Russia.

[Raam]

Oil Technical Levels - 06.03.2018
Oil (WTI)
The oil price has recovered on a weaker dollar after a decline triggered by Trump’s trade war threat. Today’s range - $63.3-$62.4
WTI is currently trading at $63.1/barrel. Immediate support lies at $59 area and resistance at $65 area.
Oil (Brent)
Brent remains elevated over WTI due to higher demand, geopolitical tension and OPEC agreement. Today’s range - $66.2-65.3
Brent is trading at $2.9 per barrel premium to WTI.
Brent is trading at $66/barrel. Immediate support lies at $62 area and resistance at $71 region.