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WTI Crude recovers ahead of US session

FXStreet (Mumbai) - WTI Crude prices have recovered slightly to trade at USD 88.20/barrel after having hit a low of USD 87.52/barrel earlier today.

Crude prices appear to track the US equity futures which have turned positive after the intial slump during the early European session. Prices had hit a 17-month low of USD 87.44/barrel on the disappointing growth forecasts from the International Monetary Fund (IMF). The concerns of rising stockpiles is also pushing the prices lower.

Later today, official data in the US is expected to show that US crude oil stockpiles rose by 1.6 million barrels last week. Meanwhile, the Energy Information Administration (EIA) cut its crude price forecasts today in a monthly report because of rising output and reduced demand.

WTI Crude prices may hit fresh lows today if the data today shows stockpiles increase more than the market expectation.

WTI Crude technical levels

WTI Crude is hovering near a critical support level of 88.19. Failure to sustain above the same shall open doors for 87.44 levels. On the upside, prices can test 89.26 if Crude sustains above 88.19.

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