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WTI steadies below $ 48, stock build-up cap recovery

FXStreet (Mumbai) - WTI on NYMEX attempted a tepid-recovery on Thursday on the back of a weaker US dollar across the board, although the gains were capped by the recent stocks build-up report by EIA.

WTI defending mild gains

Currently, WTI trades modestly flat at 47.85, retreating from session highs reached at 48.38, which coincides with the hourly 50-SMA Oil prices edged slightly higher this session and posed a minor correction after booking steep losses on Wednesday, in response to the surprising rise in the crude reserves.

The Energy Information Administration (EIA) said that reserves of crude oil in the US rose by about 3.1 million barrels in the week to October 2 to 461 million barrels, the highest level since the week of July 17. Markets had forecast a 2.5 million barrel build up.

Meanwhile, oil traders refrain from taking big bets and remain on the side-lines ahead of the crucial FOMC minutes which expected to have major impact on the USD, eventually influencing oil prices.

WTI Oil Technical Levels

WTI oil has an immediate resistance which stands at 50 (round number) levels above which gains could be extended to 51.38 (200-DMA) levels. Meanwhile, support is seen 47.08 (hourly 100-SMA) levels from here losses could be extended to 46.10 (hourly 200-SMA).

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