Buz Investors Oil prices rebounded The commodity is trading at $48.54 per barrel at 09:40 GMT this morning, marginally lower from the New York close. Crude oil witnessed a high of $48.87 per barrel and a low of $48.32 per barrel during the session. In the New York session yesterday, crude oil rose 1.89% to close at $48.56 per barrel, after the API reported a surprise drop of 0.53 million barrels in the US crude stockpiles to 526.3 million barrels last week. However, gains in oil prices were capped, after the OPEC indicated a rise in global crude stocks and reported that Saudi Arabia boosted crude output in February. Immediate downside, the first support level is seen at $47.46 per barrel, while on the upside, the first resistance level is at $49.24 per barrel.
Oil prices rebounded sharply on Wednesday, following seven consecutive days of losses after the US data showed an unexpected fall in oil inventories. The US crude increased 1.8% to $48.7 a barrel and the Brent crude was up 1.6% to $51.7 a barrel around 10:45 AM London time. Historically, Crude oil reached an all time high of 145.31 in July of 2008 and a record low of 1.17 in February of 1946.
Click here for reuse options!