OctaFX | OctaFX Forex Broker
Open trading account
Back

WTI Crude remains weak

FXStreet (Mumbai) - WTI Crude prices are hovering around an 18-month low of USD 86.86/barrel despite the dovish US Federal Reserve (Fed) minutes stoking a “risk-on” rally in global markets. The rebound seen in the early Asian trade today could not last long enough as the prices fell below the USD 87 mark.

The concerns of weak global growth, weak demand forecasts and the ample supplies from the Oil and Petroleum Exporting Countries (OPEC) group continue to squeeze the life out of Crude bulls. The US Energy Information Administration, in its report released yesterday, said that the U.S. crude oil inventories increased by 5 million barrels for the week ended October 3, much higher than the market expectation of expectations 1.6 million barrels.

Crude prices may dip further in case the US Equities are unable to add-on to yesterday’s gains.

WTI Crude Technical levels

WTI Crude has a strong support of 86.06 (low of 17th April, 2014), below which prices can fall to 85.61 (low of 18th April, 2014). On the flip side, prices can rally to 88.00 levels if the immediate resistance of 87.20 is taken out.

AUD/USD erases gains, falls below 0.8850

AUD/USD pulled back sharply and erased gains in the last hours after hitting during the European session at 0.8897, the highest price in two weeks.
Read more Previous

US: Initial Jobless Claims fell to 287K last week

The number of people filing first-time claims for state unemployment insurance in the US decreased to 287K in the week ending October 3, following 288K registered the previous week. The result is lower than the market consensus of a rise 294K.
Read more Next
Start livechat