WTI down over 2.5%, approaches Feb lows near $ 58
|- Down in the dumps as Trump’s comments on OPEC output cut still weigh.
- Record-high US production, rising stockpiles add to the bearish tone.
WTI (oil futures on NYMEX) extends its rout into the European session, as the bears look to attack the Feb 2018 lows of $ 58.07. The prices are on a losing spree for the eleventh straight session, having eroded almost $ 3 so far this week.
The barrel of WTI entered into a bear market last week and remains exposed to further downside risks, as the US President Trump’s comments on the OPEC”s oil output cut policy continue to dent the sentiment around the commodity. Trump urged Saudi Arabia and other OPEC producers not cut their production in the coming months.
Trump’s comments come after Saudi Energy Minister Khalid al-Falih said on Monday the OPEC agreed there was a need to cut oil supply next year by around 1 million bpd from October levels to prevent oversupply.
Markets also fret over the rising global supply worries, with the US oil production at record highs while the crude inventories are starting to increase again. Further, the recent reports that the restart of oil exports from Kirkuk could be soon added to the weight on the black gold.
The focus now remains on the Wall Street open for fresh trading impetus, as the US API report is delayed until tomorrow 2030 GMT due to a National holiday in the US a day before.
WTI Technical Levels
WTI
Overview:
Last Price: 58.55
Daily change: -39 pips
Daily change: -0.662%
Daily Open: 58.94
Trends:
Daily SMA20: 64.38
Daily SMA50: 69.02
Daily SMA100: 68.62
Daily SMA200: 68.45
Levels:
Daily High: 59.1
Daily Low: 58.83
Weekly High: 63.05
Weekly Low: 59.24
Monthly High: 76.25
Monthly Low: 64.86
Daily Fibonacci 38.2%: 59
Daily Fibonacci 61.8%: 58.93
Daily Pivot Point S1: 58.81
Daily Pivot Point S2: 58.69
Daily Pivot Point S3: 58.54
Daily Pivot Point R1: 59.08
Daily Pivot Point R2: 59.23
Daily Pivot Point R3: 59.35
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