WTI drops back below $ 57 on Iranian President Rouhani
|- Bulls appetite killed by Iran’s President Rouhani pledge, risk-off action.
- Will it regain poise, as hopes of OPEC output cuts still underpin?
WTI (oil futures on NYMEX) failed to resist the upside once again near $ 57.50 level and broke lower following the comments from the Iranian President Rouhani, as he remains committed to export oil, despite the latest US sanction on Iran.
Moreover, the higher-yielding oil also faded selling pressure after a renewed risk-aversion wave gripped the European markets amid looming Brexit concerns and fresh Italian budget woes. Italy’s Salvini: Could oppose Eurozone Budget plan
However, the downside appears cushioned amid heightened expectations that top exporter Saudi Arabia will push producer club OPEC as well as perhaps Russia to cut supply toward year-end. Earlier today, the Russian Energy Minister Novak said that Russia is planning to sign an agreement on oil output with OPEC.
Looking ahead, the oil markets are likely to take a fresh direction on the prices from the upcoming weekly crude stockpiles report from the US later this week as well as from the US-China trade-related headlines.
WTI Technical Levels
WTI
Overview:
Last Price: 56.9
Daily change: -37 pips
Daily change: -0.646%
Daily Open: 57.27
Trends:
Daily SMA20: 61.57
Daily SMA50: 67.7
Daily SMA100: 68.03
Daily SMA200: 68.23
Levels:
Daily High: 57.34
Daily Low: 56.9
Weekly High: 60.93
Weekly Low: 55.21
Monthly High: 76.25
Monthly Low: 64.86
Daily Fibonacci 38.2%: 57.17
Daily Fibonacci 61.8%: 57.07
Daily Pivot Point S1: 57
Daily Pivot Point S2: 56.73
Daily Pivot Point S3: 56.56
Daily Pivot Point R1: 57.44
Daily Pivot Point R2: 57.61
Daily Pivot Point R3: 57.88
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