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Crude falls on possibility of increased supply from Libya

FXStreet (Mumbai) - Brent Crude and WTI Crude have slipped further as Libya’s biggest oil field would restart producing oil. Prices were pressurized further after the Organization of Petroleum Exporting Countries (OPEC) cut demand forecasts for Crude.

WTI Crude for December delivery is trading 1.45% lower at USD 77.4/barrel, while Brent Crude for December delivery is trading 0.77% lower at USD 82.32/barrel. Prices were driven lower after a Libyan official said its biggest oil field at Sharara should start pumping “soon”. Meanwhile, OPEC slashed the amount of Crude it will need to supply over the next two decades.

WTI Crude Technical Levels

WTI Crude has an immediate resistance on the hourly chart at 78.04, above which the prices can rise to 79.00 levels. On the flip side, a failure to sustain gains above the immediate support located at 77.45 shall open doors for a re-test of 76.50 levels.

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