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Rise in stockpiles keeps gains in WTI Crude under check

FXStreet (Mumbai) - Crude prices in the US are struggling to rise after the data released yesterday showed a rise in the US crude inventories.

WTI Crude for January delivery traded 0.04 lower at USD 74.47/barrel at the time of writing. The commodity fell below USD 75.00 levels after the data from the Energy Information Agency (EIA) showed inventories in the US rose by 2.6 million barrels to 381.1 million last week, compared to the market expectation of a 1.5 million decline.

Moreover, the markets are also weighing a likelihood of OPEC group announcing a cut in its output in the next week. Thus, Crude prices at both the sides of the Atlantic are trading sideways as we move into the OPEC meet scheduled on Nov. 27.

WTI Crude Technical Levels

WTI Crude has an immediate support at 73.92, under which prices can fall to 73.22 levels. Meanwhile, resistance is seen at 74.77 and 75.40 levels.

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