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WTI consolidates below $ 45, awaits US data

FXStreet (Mumbai) - WTI oil on NYMEX corrected higher on Thursday, after witnessing two back-to-back sessions of losses on mixed US inventory reports.

US durable goods data in focus

Currently, WTI trades over 0.60% higher at 44.75, unable to extend beyond 45 barrier. US oil poses recovery after heavy losses seen yesterday on the back of a weaker US dollar across the board. However, the upside remains restricted as markets still digest a mixed inventory report from the EIA amid slowing demand.

The report showed that crude stockpiles in the US fell by 1.9 million barrels last week, a second straight weekly fall, which was bigger than markets had expected. However, a huge build up in US gasoline stocks raised concerns over the demand prospects, dampening investors’ sentiment.

Later in the day, the US Government will report the durable goods orders data which may have major impact on the US moves, eventually influencing oil prices.

WTI Oil Technical Levels

WTI oil has an immediate resistance which stands at 45.21 levels above which gains could be extended to 46.74 levels. Meanwhile, support is seen 43.92 levels from here losses could be extended to 43.

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