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27 Mar 2015
WTI drops nearly 1.5% as Middle East conflicts ease
FXStreet (Mumbai) - WTI oil futures on the Nymex snapped its four-day rally and fell back in to red in the European session largely on the back of profit-booking and as tension in the Middle East eased.
WTI back below USD 51
Currently, WTI trades nearly -1.50% lower at USD 50.71/ barrel, moving away from fresh three week highs at 52.48 levels reached in the previous session. Crude prices erased yesterday’s 6% gains and slipped this session as the situation in the Middle East has calmed, following bombing of Yemen.
Moreover, traders took to profit-taking on their long positions after the recent geopolitical tensions backed rally. Further, the US dollar index was trading higher by 0.13% this morning, standing at 97.68, also weighed on crude prices.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 52.48 levels above which gains could be extended to 53.56 levels. Meanwhile, support is seen at 50 levels from here losses could be extended to 48.88 levels.
WTI back below USD 51
Currently, WTI trades nearly -1.50% lower at USD 50.71/ barrel, moving away from fresh three week highs at 52.48 levels reached in the previous session. Crude prices erased yesterday’s 6% gains and slipped this session as the situation in the Middle East has calmed, following bombing of Yemen.
Moreover, traders took to profit-taking on their long positions after the recent geopolitical tensions backed rally. Further, the US dollar index was trading higher by 0.13% this morning, standing at 97.68, also weighed on crude prices.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 52.48 levels above which gains could be extended to 53.56 levels. Meanwhile, support is seen at 50 levels from here losses could be extended to 48.88 levels.