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22 May 2015
WTI Crude dips ahead of US drilling data
FXStreet (Mumbai) - WTI Crude futures retreated, ahead of the closely watched US oil drilling data.
Crude prices in the US fell 0.85% to trade at USD 60.20/barrel, while Brent crude for July delivery recently fell 0.2% to USD 66.39/barrel. Investors now await the release of the latest US oil drilling rig count—a proxy for activity in the industry—later today by Baker Hughes Inc.
The rate of decline in the rig counts has slowed in the recent weeks as prices recovered. There are now about 59% fewer rigs working since a peak of 1,609 in October.
WTI Crude Technical Levels
The immediate resistance is seen at the daily high of 60.90, above which gains could be extended to 61.81. On the other hand, a break below 59.81 (200-DMA) could drive the prices lower to 59.03.
Crude prices in the US fell 0.85% to trade at USD 60.20/barrel, while Brent crude for July delivery recently fell 0.2% to USD 66.39/barrel. Investors now await the release of the latest US oil drilling rig count—a proxy for activity in the industry—later today by Baker Hughes Inc.
The rate of decline in the rig counts has slowed in the recent weeks as prices recovered. There are now about 59% fewer rigs working since a peak of 1,609 in October.
WTI Crude Technical Levels
The immediate resistance is seen at the daily high of 60.90, above which gains could be extended to 61.81. On the other hand, a break below 59.81 (200-DMA) could drive the prices lower to 59.03.