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FXStreet (Mumbai) - WTI oil futures on the Nymex snapped its week-long stretch of gains and fell in the negative terrain today, although headed for the strongest weekly performance this year.
Oversupply worries resurface
Currently, WTI trades nearly 1% lower at 56.17 levels, moving away from 2015 highs reached at 57.42 in the previous session. Crude prices retreated from YTD highs and fell back in red after OPEC report that supply rose 81,000 barrels per day (bpd) in March, while non-OPEC sales jumped 13,000 bpd, the oil cartel said in its monthly report on Thursday.
In the previous session, oil prices climbed to highest levels sees so far in 2015 on news that militia in Yemen had captured a key oil hub after military forces withdrew from the area.
Later in the day, oil field service company Baker Hughes is due to report fresh weekly data on US rig counts, which have fallen for 18 consecutive weeks.
Crude Oil Technical Levels
WTI oil has an immediate resistance which stands at 57.42 levels above which gains could be extended to 59 levels. Meanwhile, support is seen at 55.50 levels from here losses could be extended to 54 levels.