According to Masterforex-V analysts, the international price of oil continued its negative trend on March, 19th 2014 inanticipation for news from the FRS and the U.S. Department of Energy, as well as after the publication of the American Petroleum Institute (API) on the dynamics of the wholesale inventories of "black gold".
Oil came close to $100, but still trading below
WTI crude oil rose after the Enterprise Products PartnersLP announced that the Seaway pipeline capacity would grow twice by the beginning of May. This was informed by the analysts of HY Markets. It is expected that the pipeline will be able to overtake 850,000 barrels of oil to Houston from Cushing (Oklahoma) for 24 hours. Oil stocks fell to a two-year low at Cushing last week. Moreover, the analysts predict that the report of the Ministry of Fuel will show another inventory reduction.
April futures for WTI crude oil rose by 1.24 dollars or 1.3 % to 99.32 dollars per barrel. Analysts also predict that the total oil reserves increased by 2.75 million. Oil was also raised in price because of thestabilization signs in the housing sector. As Masterforex-V experts say, the building permits rose last month, the most since October.
Oil came close to the price of $ 100, but is trading below the psychologically important mark so far, said HY Markets analysts. The nearest support is around 97.36 dollars (lows of March, 17th). The below support is at 96.60 dollars (61.8 % Fibo of 91.20 dollars). The nearest resistance above $100 is located on the level of 101.50 dollar (March, 11 highs).