WTI looks to settle above $48 following EIA and Baker Hughes data
|- EIA says crude oil stocks in the U.S. stayed virtually unchanged in the week to Dec. 28.
- Baker Hughes rig count drops to 877.
- WTI gains nearly 7% for the week.
After staying indecisive and failing to make a significant move in the last few days, crude oil prices finally gained traction on Friday and the barrel of West Texas Intermediate rose to its highest level in more than two weeks at $49.20. With markets going into a consolidation phase ahead of the weekend, the WTI erased a part of its daily gains and was last seen trading at $48.20, where it was up 3% on a daily basis.
Earlier today, China's Commerce Ministry announced that the U.S. and China will hold vice-ministerial level trade talks on January 7 and 8 to revive optimism and help the market sentiment improve, which provided a much-needed boost to the risk-sensitive crude oil prices.
Meanwhile, the weekly EIA report from the U.S. showed that crude oil inventories stayed virtually unchanged in the U.S. in the week ending December 28. Additionally, Baker Hughes reported that the total number of active oil rigs in the U.S. fell to 877 from 885 this week to ease concerns over high oil output from the U.S. and allowed the WTI to cling to its gains. With today's upsurge, the WTI is now nearly 7% on the week and looks to post its largest weekly percentage increase since early October.
Key technical levels
WTI
Overview:
Today Last Price: 48.32
Today Daily change: 1.3e+2 pips
Today Daily change %: 2.81%
Today Daily Open: 47
Trends:
Previous Daily SMA20: 48.47
Previous Daily SMA50: 53.1
Previous Daily SMA100: 61.77
Previous Daily SMA200: 65.3
Levels:
Previous Daily High: 47.67
Previous Daily Low: 45.56
Previous Weekly High: 47.09
Previous Weekly Low: 42.45
Previous Monthly High: 54.68
Previous Monthly Low: 42.45
Previous Daily Fibonacci 38.2%: 46.86
Previous Daily Fibonacci 61.8%: 46.37
Previous Daily Pivot Point S1: 45.82
Previous Daily Pivot Point S2: 44.63
Previous Daily Pivot Point S3: 43.71
Previous Daily Pivot Point R1: 47.93
Previous Daily Pivot Point R2: 48.85
Previous Daily Pivot Point R3: 50.04
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