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WTI Crude slightly higher ahead of API data

FXStreet (Mumbai) - WTI crude prices are trading slightly higher as traders await the weekly inventory data from the American Petroleum Institute (API).

WTI crude is trading 0.30% higher at USD 82.18/barrel. The prices had hit a high of USD 82.68 ahead of the Chinese GDP data, although gains were erased since Chinese GDP hit 2009 lows in Q3 2014. Meanwhile, the commodity may extend losses if the API data shows a strong rise in the inventory levels.

The API report will be followed by a government report due tomorrow, which could show crude stockpiles rose by 2.7 million barrels in the week ended October 17.

WTI Crude Technical levels

WTI Crude has an immediate resistance of 82.67 on the hourly chart, above which the pair can rise to 84.08 levels (Oct 16 high). On the flip side, prices can fall to 80.81 levels if the immediate support of 81.77 is breached.

United States Redbook index (MoM) increased to 0.1% in October 17 from previous 0%

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