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15 Jan 2015

WTI back in red, breaks below USD 48/ barrel

FXStreet (Mumbai) - WTI oil futures on NYMEX fell back in the negative territory today, after a sharp rebound from six-year lows seen yesterday, as global oversupply fears continue to weigh on the markets.

Currently, WTI oil traded at USD 47.80/ barrel, losing -1.41% on the day. Crude oil prices extended losses today after a brief yesterday’s short covering rally, as a greater-than-expected increase of US oil stockpiles revived oversupply concerns which dampened market sentiments. US crude oil stockpiles jumped by 5.39 million barrels in the week ending January 9, more than market estimates of 1.75 million barrel increase.

Further, traders view any recovery in prices as a short term shorting opportunity as crude oil continues to stay below the USD 50/ barrel mark.

Crude Oil Technical Levels

WTI oil has an immediate resistance which stands at 48.19 levels above which gains could be extended to 48.91 levels. Meanwhile, support is seen at 47 levels from here losses could be extended to 45.60 levels.
Jan 15, 2015

Economic data out of Japan disappoints – TradeTheNews

The TradeTheNews Team notes that recent economic data out of Japan disappointed the markets with whole inflation falling to a 9-month low at 1.19%y/y and November’s machine orders registering a shortfall.
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Jan 15, 2015

AUD/USD keeps highs above 0.8200

Bolstered by the surprising jobs report, AUD/USD remains in the upper end of today’s range so far, around 0.8215/20...
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