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WTI Crude trades above USD 82

FXStreet (Mumbai) - The WTI Crude prices are trading near one-week high ahead of the weekly supply data due for release at 14:30 GMT.

WTI Crude for December delivery is trading 1.19% higher at USD 82.42/barrel. The Energy Information Agency data due for release today is likely to show that the Crude inventories rose by 3.4 million barrels last week, while gasoline stockpiles were forecast to decrease by 1.0 million barrels. Yesterday, the American Petroleum Institute said that the crude inventories in the US increased by 3.2 million barrels in the week ended October 23.

Markets are also awaiting the Federal Reserve’s (Fed) decision today, where in the central banks is expected to announce an end to its monthly bond purchase program. Moreover, the Fed is likely to maintain its dovish tone regarding the timing of the interest rate hike in the US. Crude prices may come under pressure if the inventories rise more than the forecast, while the Fed sounds hawkish on the interest rates.

WTI Crude Technical levels

WTI Crude has an immediate resistance at 83.15 (Oct 22 high), above which the prices can rise to 83.74 levels. On the flip side, Crude can decline to 81.44 levels if the immediate resistance at 82.00 is breached.

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