WTI & Brent Crude Oil Prices Recovery Underway Ahead of API Data

19/04/2016 12:24 AST

Crude oil prices both WTI and Brent recovered sharply during the past few sessions, and almost closed the gap area. It looks like there is a chance of more gains in crude oil price moving ahead.

Crude oil prices gained in Asia Tuesday as investors turned to regular data features for near-term guidance on crude prices as the long-term supply outlook appears set to expand.



WTI crude oil prices facing resistance

There was a sharp upside move after WTI Crude oil price tested the $37.60 support area. The price has almost closed the opening week gap and looks set for further gains. However, the buyers need to be very careful as the price seems to be struggling to close above the 200 hourly simple moving average, which is a concern in the near term.

The $40.40-50 area represents a major resistance area for the more gains. Only a break above it could trigger more gains or a down move is also possible.

Later Tuesday, the American Petroleum Institute will release its figures on crude and refined product stockpiles at the end of last week, followed on Wednesday by more closely-watched figures from the U.S. Department of Energy.

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