WTI keeps range around $ 52 mark ahead of API data
|- Divided between rising economic growth woes and Middle East tensions.
- Focus on risk trends and US API crude stocks data for fresh direction.
WTI (futures on Nymex) extends its range trade around the 52 handle in the European session, unable to find a clear direction amid mixed market sentiment and ongoing Middle East tensions.
The higher-yielding oil finds support from the risk-on action in the European stocks and the US equity futures following the European Central Bank (ECB) Chief Draghi’s rate cut talks. Meanwhile, the looming tensions in the Middle-East, in the face of two oil tankers attacked last Thursday and the US suspecting Iran behind the attacks, continue to keep the downside cushioned.
However, any upside attempts lack follow-through amid mounting concerns over the global economic growth, dented by escalating US-China trade war. Investors remain unnerved amid a sharp deterioration in the German business morale and falling inflation expectations across the globe.
Markets now eagerly await the US weekly crude stockpiles data due to be published by the American Petroleum Institute at 2030 GMT for fresh hints on the US supply-side scenario that could help determine the next direction in the prices.
WTI Technical Levels
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