WTI eases-off 5-day tops near $ 61.50
|- Saudi comments & weaker DXY support.
- Will it hold the $ 61 figure?
WTI (oil futures on NYMEX) stalled its solid rebound from near multi-week troughs in Europe, as the bulls took a breather after the recent upsurge, fuelled by bullish Saudi comments. The Saudi Arabian Energy Minister Al-Falih said on Wednesday that he was confident on the OPEC output cuts deal compliance.
Meanwhile, the USD-sensitive oil also remains underpinned by broad-based USD selling, in the wake of looming uncertainty over three or four Fed rate hikes and Trump’s fiscal plans.
The barrel of WTI appears to have shrugged-off the bearish EIA weekly crude supplies report, which showed that the US crude inventories climbed by 1.8 million barrels in the week to Feb. 9 while the country’s oil output levels rose to a record 10.27 million barrels per day (bpd), more than that of the OPEC’s top producer Saudi Arabia.
Attention now turns towards Friday’s US drilling sector activity report for the next direction on the prices.
WTI Technical Levels
At $ 61.15, supports are located at $ 60.94 (10-DMA), $60.50 (psychological levels) and $60.27 (Feb 8 low). On the upside, the resistances are aligned at $61.55 (5-day tops) ahead of $62 (round figure) and $62.22 (50-DMA).
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.