Crude Oil News and Forecast: WTI jumps above $59 boosted by upbeat ZEW data
|WTI Crude Oil: a break above 60.00 takes us towards a selling opportunity
WTI Crude below 5875/65 targets 5810/00 but try longs at 5785/75 with stops below 5750. A break lower is a sell signal targeting 5700/5690, perhaps as far as 5655/45.
Holding minor support at 5875/65 re-targets 5915/25 before a retest of 5975/85. A break above 6000 takes us towards a selling opportunity at 6080/6100, with stops above 6140. Read more...
WTI jumps above $59 boosted by upbeat ZEW data
Crude oil prices came under modest selling pressure during the early trading hours of the European session and the barrel of West Texas Intermediate dropped toward mid-$58s before gaining traction in the last hour. As of writing, the WTI was up 0.4% on the day at $59.25.
Signs of life in the European economy
The upbeat ZEW survey, which showed the Economic Sentiment both in Germany and the eurozone improved sharply in December, seems to have provided a boost to crude oil prices by easing concerns over the potential negative impact of a deep economic slowdown in the euro area on the energy demand.
Meanwhile, Goldman Sachs announced that it raised the 2020 Brent oil average price forecast to $63 from $60 following the OPEC+ decision to deepen the oil output cuts by 500,000 barrels per day. Similarly, Russia's Gazprom Neft CEO Alexander Dyukov noted that the additional supply curbs would help support oil prices at $55-65 per barrel in the first quarter, as per Interfax news agency. Read more...
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