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2 Apr 2015
WTI Crude recovers from low, still down 2.34%
FXStreet (Mumbai) - Oil prices recovered from the low of USD 48.39/barrel, although prices still trade 2.56% lower for the day at USD 48.81/barrel.
Trades below 50-DMA
Prices dropped below 50-DMA located at USD 49.26, as the nuclear program talks between Iran and global powers extended well beyond their self imposed deadline of March 31st. A deal would unlock million of barrels of Iranian oil supply.
In the meantime, drop in the US initial jobless claims failed to support Crude prices. Moreover, the resulting strong US dollar weighed over prices. The futures are likely to remain under pressure as markets remain fixated on the possibility of increased Iranian supplies in case the deal is reached.
WTI Crude Technical Levels
The immediate support is seen at 48.36, under which losses could be extended to 47.50. On the flip side, resistance is seen at 49.26 (50-DMA) and 50.47 (100-DMA).
Trades below 50-DMA
Prices dropped below 50-DMA located at USD 49.26, as the nuclear program talks between Iran and global powers extended well beyond their self imposed deadline of March 31st. A deal would unlock million of barrels of Iranian oil supply.
In the meantime, drop in the US initial jobless claims failed to support Crude prices. Moreover, the resulting strong US dollar weighed over prices. The futures are likely to remain under pressure as markets remain fixated on the possibility of increased Iranian supplies in case the deal is reached.
WTI Crude Technical Levels
The immediate support is seen at 48.36, under which losses could be extended to 47.50. On the flip side, resistance is seen at 49.26 (50-DMA) and 50.47 (100-DMA).