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WTI crude falls below USD 80.00

FXStreet (Mumbai) - The WTI crude is trading near the day’s low, threatening to fall below USD 80.00 levels after a disappointing Canadian GDP data hit the wires.

WTI Crude for December delivery is trading 1.5% lower at USD 79.91/barrel. The commodity is extending losses on a weaker-than-expected Canadian GDP number. The Canadian GDP number month-on-month registered a 0.1% decline in August, compared to the market expectation of 0%. Moreover, the Bank of Canada governor Stephen Poloz mentioned yesterday that the persistent weakness in Oil prices shall knock a quarter-point off the growth of Canada’s gross domestic product in 2015.

Meanwhile, the official data in the US showed a decline in the personal spending and [personal income in September. The bearish data along with the rise in the US Dollar Index is likely to pressurize Crude prices.

WTI Crude Technical levels

Crude has an immediate support at 79.44 (Oct 27 low), under which it can fall to 79.10 levels. On the flip side, resistance is seen at 80.68 and 81.26 levels.

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