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WTI Crude trades below USD 74/barrel

FXStreet (Mumbai) - US Crude prices fell below USD 74/barrel after the weekly supply data showed production in the US rose to a level last seen in 1986.

WTI Crude for December delivery traded 0.77% lower at USD 73.64/barrel at the time of writing. Moreover, prices dipped below USD 75 levels yesterday, after numbers out of the US Energy Information Administration showed U.S. oil production rose above 9 million barrels a day in the week ended Nov. 7, the highest it's been since 1983. The agency also said crude oil inventories in the U.S. were down by 1.7 million barrels to 378.5 million barrels last week, although markets completely ignored it.

Crude prices continue to stumble today and may dip further if the Eurozone third quarter GDP data due later today disappoints market expectations.

WTI Crude Technical Levels

WTI Crude has an immediate support at 72.43 (Jan 2010 low), below which losses could be extended to 69.50 levels. Meanwhile, resistance is seen at 75.00 and 75.71 levels.

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