31 October 2014, 15:10  Crude oil prices in the US weakened

The Crude oil prices in the US weakened since the Asian session today, despite the yesterday’s upbeat US GDP report. WTI Crude for December delivery is trading 0.97% lower at USD 80.33/barrel. The oil prices came under pressure even though the investors got a positive data out of the US. The US third-quarter gross domestic product rose 3.5%, exceeding analysts' expectations. The data lifted the equity markets along with the US Dollar which weakened Crude prices. Meanwhile, the production in the US continues to rise at a time when the Oil and Gas Petroleum Exporting Countries (OPEC) are refraining from reducing their output. The concerns of ample supply from the OPEC as well as the Non-OPEC member continues to weigh on the prices. WTI Crude Technical levels Crude has an immediate support at 79.86, under which the prices can fall to 79.46 levels. On the flip side, resistance is seen at 81.25 and 82.00 levels.

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