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WTI crude falls to June 2012 lows

FXStreet (Mumbai) - Crude Oil in the US is trading near a level last seen in June 2012 after Saudi Arabia cut its oil price to the US, triggering a fresh sell-off in the crude prices.

WTI Crude for December delivery is trading 1.76% lower at USD 77.39/barrel. The prices declined after a Saudi state-owned producer, known as Saudi Aramco, lowered the premium for Arab Light relative to U.S. Gulf Coast benchmarks by 45 cents a barrel to the smallest since December.

Moreover, this move from the Saudis is indicative of the fact that they are comfortable with the slump in the prices and that they intend to preserve market share by reducing their prices.

WTI Crude Technical Levels

WTI Crude has an immediate support at 77.28 (June 2012 low), under which the prices can fall to 74.95 levels. On the other hand, resistance is seen at 78.08 and 79.10 levels.

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