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WTI rebounds on higher China crude imports

FXStreet (Mumbai) - WTI oil rebounded higher on Tuesday, after booking heavy losses yesterday, as upbeat Chine crude imports data and a weaker US dollar boosted the black gold prices.

WTI capped below $ 48

Currently, WTI rallies 1.17% to 47.66, losing sight of $ 50 barrier completely. Oil prices staged a solid comeback this session as the sentiment was lifted on the back of pick-up in oil demand from China as reflected by the country’s trade data released earlier on the day.

China's crude imports rose in September, with overseas purchases at 27.95 million metric tonnes. China oil imports from the January-September period rose 8.8% y/y to 249 million tonnes.

Moreover, OPEC’s monthly oil report published on Monday, which showed that the cartel expected higher global demand in 2015 while non-OPEC supply to fall in 2016, also helps the recovery in oil prices.

Meanwhile, the prices may remain supported on weaker US dollar, while focus now shifts towards weekly inventory reports from API as well as EIA for further direction.

WTI Oil Technical Levels

WTI oil has an immediate resistance which stands at 50.92 (Oct 9 High) levels above which gains could be extended to 51.26 levels. Meanwhile, support is seen 47 (round number) levels from here losses could be extended to 45.50.

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