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WTI Crude stays weak, IEA reduces consumption forecasts

FXStreet (Mumbai) - The WTI Crude prices remain under pressure after the International Energy Agency (IEA) said that the growth in oil demand this year would be slowest since 2009.

WTI Crude is trading 0.79% lower at USD 85.06/barrel, down from a high of USD 85.60/barrel hit earlier today. The IEA’s forecast are not surprising since every major agency, in the last couple of weeks, has downgraded the demand forecasts for the current year. As per IEA, Oil consumption will increase by about 650,000 barrels a day this year, 250,000 below the previous estimate.

Meanwhile, the slump in the oil prices has created a good risk-reward opportunity for the short term traders. Morgan Stanley analysts say, “"We are becoming constructive on oil through year-end. Calling a bottom is tough and macro concerns could continue to weigh on prices, but the recent sell off has created an attractive risk-reward.”

WTI Crude Technical levels

WTI Crude has an immediate resistance of 85.15, above which prices can rally to 85.59 and 85.84 levels. On the flip side, prices may fall to 84.08 levels if the support of 84.47 is taken out.

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