WTI fades a spike above $ 69 ahead of US data
|- Finds support from looming supply threats, US dollar weakness.
- In a wait and watch mode ahead of the US retail sales and drilling data.
WTI (oil futures on NYMEX) resumed its side-trend below the $ 69 mark, having failed a couple of attempts to sustain above the last, as investors remain nervous ahead of the critical US retail sales and US rigs count data due on the cards later on Friday.
Despite yesterday’s 2.5% drop, the black gold managed to find support reversed some of its losses, as looming concerns over supply disruptions, in the wake of the US sanctions on Iran and Venezuelan economic crisis.
Analysts at Australia and New Zealand Banking Group (ANZ) noted: "Prices remain well supported as the market continues to fret about ongoing structural supply issues elsewhere."
More so, broad-based US dollar weakness following softer US inflation figures and fading US-China trade war risks also offer the much-needed respite to the USD-denominated oil. The barrel of WTI now awaits the US drilling sector activity report for the next direction on the prices.
WTI Technical Levels
Resistances: $ 69.15 (daily high), $ 69.50 (psychological level), $ 69.92 (daily R1).
Supports: $ 68.66 (20-DMA), $ 68.36 (Sept 13 low), $ 68.00 (round number).
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.