Back
31 Mar 2015
WTI extends decline, tanks nearly 2.5%
FXStreet (Mumbai) - WTI oil futures on the Nymex continue to bleed during the European session, extending its losing streak for the third straight session as traders eagerly await an outcome on conclusion of talks between Iran and six global powers its nuclear program.
WTI slumps below USD 48
Currently, WTI trades nearly -2.3% lower at 47.57/ barrel, hovering near new four day lows at 47.31. Crude prices remains pressured as the deadline for talks over Iran's nuclear program looms. Traders worry that a deal would ease sanctions and the country would flood the already oversupplied market with more crude oil.
The US, Russia, China, the UK, Germany and France are holding talks with Iran in Switzerland, demanding Tehran stop the development of a nuclear bomb in exchange for the easing of international sanctions.
Iran could increase oil production by 500,000 barrel a per day (bpd) in three to six months if sanctions are lifted, and by an additional 700,000 bpd within another year, consultancy company Facts Global Energy estimated.
Further, the US dollar index was trading higher by 0.52% this morning, standing firmly at 98.81, which continues to weigh on crude prices.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 49 levels above which gains could be extended to 49.46 levels. Meanwhile, support is seen at 47 levels from here losses could be extended to 46.67 levels.
WTI slumps below USD 48
Currently, WTI trades nearly -2.3% lower at 47.57/ barrel, hovering near new four day lows at 47.31. Crude prices remains pressured as the deadline for talks over Iran's nuclear program looms. Traders worry that a deal would ease sanctions and the country would flood the already oversupplied market with more crude oil.
The US, Russia, China, the UK, Germany and France are holding talks with Iran in Switzerland, demanding Tehran stop the development of a nuclear bomb in exchange for the easing of international sanctions.
Iran could increase oil production by 500,000 barrel a per day (bpd) in three to six months if sanctions are lifted, and by an additional 700,000 bpd within another year, consultancy company Facts Global Energy estimated.
Further, the US dollar index was trading higher by 0.52% this morning, standing firmly at 98.81, which continues to weigh on crude prices.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 49 levels above which gains could be extended to 49.46 levels. Meanwhile, support is seen at 47 levels from here losses could be extended to 46.67 levels.