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WTI back in the red near $ 42.50, EIA report eyed

FXStreet (Mumbai) - The US oil reversed a two-day rally and slipped back in the negative territory as the Mid-East conflict worries were set aside by resurfacing supply glut woes as focus shifts towards the weekly EIA report.

WTI retreats from 2-week highs

Currently, WTI trades 0.90% lower at 42.50, failing to resist 43 barrier. Oil prices snapped previous rally and turned lower on Wednesday as rising crude supplies as reflected by the latest API stockpiles report continue to weigh on investors’ sentiment.

US crude inventories rose by 2.6 million barrels to 488.3 million in the week to November 20, the API reported on Tuesday, against expectations of a 1.2 million barrel rise.

Moreover, concerns regarding Middle-East conflicts on Russian jet shot down by Turkey, appear to have eased a bit as attention now shifts to the upcoming inventory report from the EIA.

Oil rallied on Tuesday after Turkey shot down a Russian warplane near the Syrian border on air-space violation issue, which heightened geopolitical tensions in the Middle East.

WTI Oil Technical Levels

WTI oil has an immediate resistance which stands at 43.46 (Nov 24 high) above which gains could be extended to 44 (round number). While to the downside, the immediate support is at 41.54 (Nov 12 Low), below which the prices could drop to 40.41 (Nov 23 Low).

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