WTI Oil futures on Nymex remained lifted on news that the number of rigs drilling for oil in the US fell to the lowest level since December 2011.
Eyes USD 53/ barrel
Currently, WTI oil trades 0.46% higher at USD 51.93/ barrel, retreating from fresh session lows posted at 51.84 levels some minutes ago. Crude edged higher today after a survey by US oil services firm Baker Hughes Inc released on Friday showed the number of rigs drilling for oil in the US fell 83 to 1,140 in the week to February 6. The dip followed a cut of 94 rigs in the previous week. Moreover, expectations that shale oil production in the US will be cut over coming months also added to the gains in the oil prices.
However, weaker than expected Chinese trade data with sharp fall in imports is likely to keep the gains in check.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 53 levels above which gains could be extended to 53.28 levels. Meanwhile, support is seen at 51.50 levels from here losses could be extended to sub 51 levels.
Eyes USD 53/ barrel
Currently, WTI oil trades 0.46% higher at USD 51.93/ barrel, retreating from fresh session lows posted at 51.84 levels some minutes ago. Crude edged higher today after a survey by US oil services firm Baker Hughes Inc released on Friday showed the number of rigs drilling for oil in the US fell 83 to 1,140 in the week to February 6. The dip followed a cut of 94 rigs in the previous week. Moreover, expectations that shale oil production in the US will be cut over coming months also added to the gains in the oil prices.
However, weaker than expected Chinese trade data with sharp fall in imports is likely to keep the gains in check.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 53 levels above which gains could be extended to 53.28 levels. Meanwhile, support is seen at 51.50 levels from here losses could be extended to sub 51 levels.
