Is Now The Time To ‘Buy The Dip’ In Oil? [Video]
Oil prices slipped to $57.84 on Wednesday before retracing back to $58.34 on concerns that the Phase 1 trade deal between the United States and China, the world's biggest oil users, may not boost demand as the United States intends to keep tariffs on Chinese goods until a second phase. Read more...
OPEC raises 2020 oil demand growth outlook by 0.14 million bpd to 1.22 million bpd
The Organization of the Petroleum Exporting Countries (OPEC) has raised its forecast for global oil demand growth in 2020 by 0.14 million barrels per day (bpd) to 1.22 million bpd, the organization's latest oil market report showed.
OPEC also noted that it has raised the 2020 non-OPEC supply growth forecast by 0.18 million bpd to 2.35 million bpd.
The barrel of West Texas Intermediate (WTI) was last seen trading at $58.25, adding 0.28% on a daily basis. Below are some additional takeaways, per Reuters.
"OPEC+ collaboration remains essential in maintaining stability in the oil market." Read more...
WTI battles $58 amid trade deal concerns, focus on EIA data
WTI (oil futures on NYMEX) ran through fresh offers over the last hour and almost tested six-week lows reached on Wednesday at $57.74 before recovering slightly to now trade around the 58 level.
Despite the recent recovery attempts, the black gold continues to remain pressured by concerns over rising US crude inventories while doubts whether the US-China phase one trade deal signing would help revive the oil demand from the world’s top two oil consumers. Late Tuesday, the American Petroleum Institute (API) data showed that the US crude inventories rose by 1.1 million barrels against a draw expected.
Further, the renewed strength seen in the US dollar across its main competitors amid a flight to safety ahead of the release of the details of the phase one trade agreement also collaborates with the oil-price weakness. A stronger greenback makes the USD-sensitive oil more expensive for foreign buyers. Read more...
|Today last price||58.18|
|Today Daily Change||0.04|
|Today Daily Change %||0.07|
|Today daily open||58.14|
|Previous Daily High||58.73|
|Previous Daily Low||57.75|
|Previous Weekly High||65.67|
|Previous Weekly Low||58.69|
|Previous Monthly High||62.38|
|Previous Monthly Low||55.41|
|Daily Fibonacci 38.2%||58.36|
|Daily Fibonacci 61.8%||58.12|
|Daily Pivot Point S1||57.68|
|Daily Pivot Point S2||57.23|
|Daily Pivot Point S3||56.7|
|Daily Pivot Point R1||58.66|
|Daily Pivot Point R2||59.19|
|Daily Pivot Point R3||59.64|
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.