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WTI crude fast approaching Oct 2011 low

FXStreet (Mumbai) - WTI Crude tumbled today; fast approaching the low of Oct. 2011 after the Organization of Petroleum Exporting Countries (OPEC) member Saudi Arabia, the world's largest producer, remained silent about a possible cut in production.

WTI Crude for December delivery traded 1.94% lower at USD 75.65/barrel at the time of writing. The commodity is fast approaching a low of USD 74.95 hit in Oct. 2011. Moreover, Saudi Arabian Oil Minister Ali al-Naimi broke months of silence and reiterated the kingdom's age-old policy of seeking stable global markets and rejected rumors of a price war. He offered no insight on Opec's response to tumbling oil prices.

WTI Crude Technical Levels

WTI Crude has an immediate support at 74.95, under which prices can fall to 72.89. Meanwhile, resistance is seen at 75.84 and 77.28.

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