WTI extends recovery from 8-week lows above $65.00
|- An improvement in risk appetite and a weaker US dollar support upside in crude.
- WTI is up less than 1%, looks bullish intraday but still under pressure on a wider perspective.
WTI (oil futures on NYMEX) broke to the upside during the US session and extended gains. The barrel reached $65.45 amid risk appetite.
Commodities and equities in green
Wall Street is posting important gains with the Dow Jones up by 1.45% and the Nasdaq 0.90%. European indexes ended higher. The improvement in risk appetite came particularly from renewed trade talks between the US and China. Also emerging markets are performing significantly better on Thursday.
WTI bottomed earlier today at $64.40, the lowest in eight weeks and then rebounded. After trading for hours between $65.30 and $64.70 broke to the upside and rose modestly. The recovery seems limited at the moment and the main trend still points to the downside. From the level it opened the week, is down more than 3%.
WTI Levels to watch
To the upside, resistance levels might be located at $66.00 (psychological), $66.25 (last week lows) and $67.05. On the flip side, support could be seen at $64.70 (European session low), $64.45 (Aug 16 low) and $64.00.
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