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Oil fails to sustain gains and settles lower

FXStreet (Córdoba) - Having advanced up to a fresh weekly high of $47.14, WTI crude oil futures fell in the American afternoon to settle around $44.70.

The Energy Information Administration reported that the US commercial crude stockpiles fell by 1.9 million barrels in the last week, compared with expectations for a 533,000 decrease, which should have been supportive of price. However, a sharp increase in gasoline inventories, offset the crude drawdown.

WTI technical perspective

“The commodity has turned bearish daily basis, as the black gold is ending the day below a bearish 20 SMA, whilst the technical indicators have turned lower, but are still holding around their mid-lines”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, and for the upcoming hours, the technical picture also favors the downside, as the price has fallen with a strong volume below its 20 SMA, whilst the technical indicators present mild negative slopes below their mid-lines, supporting a continued decline on a break below the 44.10 region, a strong static support level”.

Support levels: 44.10 43.50 42.90. Resistance levels: 45.05 45.70 46.30.

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