WTI back on the bids above $ 61.50, API data eyed
|- Risk-recovery drives oil higher, relentless rise in US output ignored?
- Manages to keep the 61 handle ahead of the US API stockpiles data.
WTI (oil futures on NYMEX) caught a fresh bid-wave last hour, as the bulls regained momentum amid an improvement in risk condition, reflected by positive European equities and higher Treasury yields.
Moreover, the barrel of WTI received a fresh boost, as the US dollar stalled its recovery-mode and entered into a consolidative mode, with attention now turning towards the highly-influential US inflation data due later at 1230 GMT.
However, it remains to be seen if the prices can sustain the renewed uptick amid looming concerns over a relentless rise in the US oil production. The US output levels soared past 10 million barrels per day (bpd) in late 2017, overtaking output by top exporter Saudi Arabia.
Looking ahead, markets await the US CPI data and API crude inventories report for fresh momentum on the black gold.
WTI Technicals
At $ 61.61, the resistances are aligned at $ 62.09 (20-DMA), $ 62.45 (Fib R2) and $ 62.81 (50-DMA). On the flipside, the supports are located at $ 61 (round number), $ 60.80 (100-DMA) and $ 60.50 (psychological levels).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.