Crude Oil Price News and Forecast: WTI breaks higher to test $ 57 mark amid fresh trade deal hopes
|Crude Oil (WTI) Intraday: Rebound in sight
Pivot (invalidation): 56.00
Our preference
Long positions above 56.00 with targets at 56.80 & 57.40 in extension.
Alternative scenario
Below 56.00 look for further downside with 55.35 & 55.00 as targets.
Comment
The RSI calls for a rebound.
WTI breaks higher to test $ 57 mark amid fresh trade deal hopes
WTI (oil futures on NYMEX) caught a fresh bid wave last minutes and broke the Asian consolidative mode in Europe, as the bulls look to regain the 57 handle amid improved market mood.
The risk sentiment witnessed a major turnaround on the latest Bloomberg report that triggered a fresh risk-on wave across the financial markets in Europe. Bloomberg cited people familiar with the trade talks, as saying that the US and China are moving closer to a trade deal despite the escalating tensions over the Hong Kong and Xinjiang bills.
The buying interest around the black gold gathered steam alongside other risk assets such as the equities, Treasury yields and Wall Street futures. At the time of writing, WTI is up +1.20% near 56.80 region, having jumped to three-day tops of 56.91 on the trade headlines.
The barrel of WTI also continues to derive support from a drop in the US crude stockpiles, as reported by the American Petroleum Institute (API) late Tuesday. The API data showed that the US crude inventories fell by 3.7 million barrels, more than double expectations of a decline of 1.7 million barrels. Read more...
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