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Gains in WTI Crude capped by weak US data

FXStreet (Mumbai) - The gains in the Crude oil prices have been halted by a weaker than expected US Durable goods orders data. The prices had rallied from the three-day lows in anticipation of a strong data.

WTI Crude for December delivery is trading 0.47% higher at USD 81.37/barrel. However, the prices slipped from a high of USD 81.65 levels hit just ahead of the release of the US data. The Durable goods orders in the US contracted 1.2% in September, missing market expectations of a 0.5% increase.

Earlier today, the prices were pushed lower on forecasts that U.S. crude inventories increased last week. Moreover, the major investment banks have reduced their price forecasts for Crude oil on the both sides of the Atlantic. The latest one to do so is the Barclays, which reduced its estimate for the average Brent price in 2015 to $93 a barrel from $96, and for WTI prices to $85 from $89.

Crude prices may dip once again if the US consumer confidence data for October fails to meet the market expectation of 87.00.

WTI Crude Technical levels

WTI crude has an immediate support at 81.06 on the hourly chart, below which the prices can fall to 80.47 levels. On the flip side, prices can test 82.31 levels if the day’s high of 81.65 is breached.

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