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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.

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