Crude Oil Price Technical Forecast


API inventories added almost 4 mln barrels last week. Find out from the latest 14 February Crude Oil Price Technical Forecast what it reveals about oil prices.

14 February, GKFX – Crude oil is trading under pressure in Asia with WTI near 59.00 per barrel.

The API data for WTI crude inventories showed a further 3.94 million barrels’ worth expansion of market stock; crude prices initially dropped on reaction, but faded the move quickly to resume trading under heavy pressure in Tokyo markets, with a lack of risk appetite cooling down equities and sending traders looking for safe havens like the Yen.

14 February Crude Oil Price Technical Forecast

WTI recently bounced from support at 58.50, but that may prove short-lived, as crude continues to buckle under pressure following constant selling, with the fossil fuel commodity closing lower for six of the past eight trading days. Intraday support/resistance for WTI is priced at 58.80 and 59.30 respectively, while Brent crude support is currently sitting at 62.00, and resistance resting at 63.05.

Disclaimer

This article 14 February Crude Oil Price Technical Forecast was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

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