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WTI Crude gains 1% as banks say rout may be over

FXStreet (Mumbai) - WTI Crude oil extended gains today after the major investment banks said the oil glut is still yet to come and that the slide in prices has been too fast.

WTI Crude clocked a high of USD 84.43/barrel earlier today, before falling to the current level of USD 83.30/barrel. Moreover, oil has inched higher since major banks like BNP Paribas SA and Bank of America Corp predict the rout may be over, while the analysts at Goldman Sachs say the decline is “too much, too early” because a crude glut is yet to materialize.

Meanwhile, the rise in prices has been capped by the rising inventory levels in the US. Crude is likely to remain strong as we head into the weekend since the prices will get a “positive rub-off” from the rising equity markets.

WTI Crude levels

WTI Crude has an immediate has an immediate resistance of 83.59 (Oct 10 low), above which prices can re-test the day’s high of 84.43. However, Crude has failed to sustain gains above 83.59 levels, opening doors for a re-test of 82.31 levels.

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