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US Crude rises ahead of supply report

FXStreet (Mumbai) - US Crude edged up to USD 77.59/barrel ahead of the weekly support report from the Department of Energy, which is likely to show oil inventories in the US rose during the week ended Oct 31.

WTI Crude for December delivery is trading 0.89% higher at USD 77.85/barrel, compared to the previous session’s close of USD 77.19. The prices gained after the data from the American Petroleum Institute released yesterday showed inventories fell by 639,000 barrels to 374.9 million in the week to Oct. 31. Overall the prices are likely to remain under pressure after Saudi’s decided to cut their oil price to the US.

WTI Crude Technical levels

WTI crude has an immediate resistance at 78.04, above which the prices can rally to 79.56.On the flip side, the prices may fall to 76.48, if the commodity fails to rise above 78.04 levels.

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