WTI oil stands at the front foot on Wednesday, following Tuesday's bounce that completed hammer reversal pattern. Draw of US crude inventories (API report showed 0.9 mln bls draw vs 2.5 mln bls build f/c) and signs from OPEC for stronger cut of production (OPEC announced 800,000 bpd cut), with the action being led by Saudi Arabia, add to positive near-term outlook and boosts price action. Focus turns towards EIA crude inventories report, due later today (2.6 mln bls build f/c vs 1.2 mln bls build previous week), with surprise on lower than expected build or draw in oil inventories to further boost oil prices. Fresh bulls eye pivotal barrier at $54.01 (Fibo 61.8% of $55.73/$51.23, craked on Tuesday) clear break of which is needed to confirm reversal and open way towards key barriers at $55.15/55 ( daily cloud top / Fibo 38.2% of $76.88/$42.36 fall). Rising 30SMA tracks the advance for over one month and marks solid support at $52.45, which is expected to contain dips. Only return and close below $50.99/62 (55SMA / Fibo 38.2% of $42.36/$55.73) would neutralize bulls and signal further weakness.

Res: 54.01; 54.67; 55.15; 55.55
Sup: 53.31; 52.95; 52.45; 51.78

US Crude

The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD remains depressed but off daily lows

The EUR/USD pair is recovering from a daily low of 1.1216, although holding in negative territory for the day. US preliminary Michigan Consumer Sentiment Index improved by less-than-anticipated in July, coming in at 98.4 vs. the 98.5 expected.


GBP/USD trading marginally lower daily basis but above 1.2500

The Pound gave back some of its Thursday’s gain on dollar’s relief. The GBP/USD pair broke a daily descendant trend line coming from June’s high and holds above it, leaving little room for sellers to act.


USD/JPY: bears pausing, still in control

Japanese National Inflation steady at 0.7%YoY in June. US Michigan Consumer Sentiment Index expected at 98.5 in July. USD/JPY corrective advance falling short of signaling an interim bottom in place.


Something has spooked the Fed

We wish we knew what it is. Wild talk of the US joining Japan and Europe with zero or negative return on the 10-year is or should be very frightening.

Read more

Gold consolidates around $ 1440, eyes US data for fresh direction

Gold (futures on Comex) extends its side-trend around the 1440 mark into the mid-European session, having stalled its retreat from 2019 highs of 1454 near 1437 region.

Gold News