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WTI Crude back below $90

FXStreet (Mumbai) - WTI Crude has slumped below USD 90/barrel after a dead cat bounce in early Asian trade today had pushed prices to a high of USD 90.56/barrel.

The commodity is likely to see technical driven action today since the data docket out of the US is thin. The fundamentals of ample crude supplies in the US and from the Oil and Petroleum Countries (OPEC) remain intact. Prices may continue to slump today after the weak German factory output data raised concerns of a slowdown in the Eurozone’s largest economy.

Crude technical levels

WTI Crude has a support of 89.56 (low of 11th Sep, 2014); breach of which shall open doors for 88.18 (low of 2nd Oct, 2014). Prices may rise to 91.79 if the resistance of 90.58 (low of 23rd Sep, 2014) is taken out.

USD/JPY is getting closer to 108.00

USD/JPY is retreating from overnight highs around 109.22; the pair is trading at 108.46 in early Europe.
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