WTI struggles for direction around $69.00
|- The barrel of WTI keeps gyrating around the $69.00 mark.
- Downbeat sentiment persists around crude oil today.
- Larger than expected US supplies weigh on traders’ mood.
Prices of the barrel of the West Texas Intermediate are trading within a tight range so far this week, always below the $69.00 mark for the time being.
WTI looks to data
Prices of WTI are navigating fresh 5-week lows in the $69.00 neighbourhood at the end of the week, always amidst the continuation of the buying interest around the greenback while the recent report by the EIA also keeps weighing on sentiment.
It is worth recalling that the EIA reported on Wednesday that US crude oil supplies rose by nearly 6.5 million barrels during last week.
In fact, the unexpected weekly build in US crude oil stockpiles manages somewhat to eclipse geopolitical concerns involving the US and Saudi Arabia over the recent murder of journalist J.Khashoggi as well as potential supply disruptions deriving from sanctions against Iranian oil exports.
Looking ahead, driller Baker Hughes will publish its weekly report on US oil rig count.
WTI significant levels
At the moment the barrel of WTI is up 0.36% at $68.92 facing the next hurdle at $70.28 (55-day SMA) seconded by $71.68 (10-day SMA) and finally $72.49 (high Oct.16). On the downside, a breakdown of $68.53 (low Oct.18) would aim for $67.59 (200-day SMA) and then $67.23 (low Sep.7).
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.