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WTI Crude weakens ahead of inventory data

FXStreet (Mumbai) - Crude prices in the US weakened ahead of the weekly inventory data from the American Petroleum Institute (API).

WTI Crude for January delivery traded 0.64% lower at the day’s low of USD 75.14/barrel at the time of writing. The prices had hit a high of USD 76.43 earlier today before falling to the current level of USD 75.14. Moreover, the early gains were driven by the weakness in the US Dollar.

Oil markets now await the API inventory data for the week ended Nov. 14, which is likely to show that stockpiles declined by 1 million barrels. The commodity may extend losses if the API data shows sharp rise in the inventories.

WTI Crude Technical Levels

Crude has an immediate support located at 74.75, under which prices can fall 74.16 levels. Meanwhile, resistance is seen at 75.81 and 76.27 levels.

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