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Crude oil remains weak ahead of supply data

FXStreet (Mumbai) - Crude prices on both sides of the Atlantic are trading near the three-day lows amid speculation that the stockpiles in the US rose to the highest level since July.

WTI Crude is trading 0.13% lower at USD 80.90/barrel while the Brent Crude is trading 0.23% lower at USD 85.63/barrel. The prices resumed their fall yesterday after a major investment bank reduced its WTI and Brent Crude price forecast by USD 15. As per Goldman Sachs, “The scale and sustainability of U.S. shale oil production is making global oil cheaper.”

According to a Bloomberg news survey, Crude inventories are expected to have increased by 3.8 million barrels to 381.5 million last week.

Brent Crude Technical levels

Brent Crude has an immediate resistance of 86.00, above which prices can rally to 86.59 levels. On the flip side, a breach of the immediate support level of 85.16, shall open doors for a re-test of 84.56 levels.

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