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Crude Oil Price News and Forecast: JP Morgan revised WTI price forecast for 2020

Yohay Elam FXStreet

WTI renews multi-month highs above $61 after EIA data shows decline in US oil stocks

Crude oil prices rose for the fifth straight day on Wednesday and the barrel of West Texas Intermediate reached its highest level in three months at $61.17. As of writing, the WTI was up 1% on the day at $61.10.

WTI Oil Outlook: oil price eases but key supports still intact; crude inventories report eyed for fresh signals

US Crude Oil

WTI oil price eased from new three-month high at $60.93 on Wednesday, after Tuesday's API report showed unexpected rise in crude stockpiles (4.7 million barrels vs last week's build of 1.4 million barells).

WTI

Overview
Today last price	60.92
Today Daily Change	0.38
Today Daily Change %	0.63
Today daily open	60.54

Trends
Daily SMA20	58.36
Daily SMA50	56.67
Daily SMA100	56.11
Daily SMA200	57.77

Levels
Previous Daily High	61.05
Previous Daily Low	60.04
Previous Weekly High	60.46
Previous Weekly Low	58.11
Previous Monthly High	58.76
Previous Monthly Low	54.12
Daily Fibonacci 38.2%	60.66
Daily Fibonacci 61.8%	60.43
Daily Pivot Point S1	60.04
Daily Pivot Point S2	59.53
Daily Pivot Point S3	59.03
Daily Pivot Point R1	61.05
Daily Pivot Point R2	61.55
Daily Pivot Point R3	62.06

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

AUD/USD edges higher as hot CPI inflation and hawkish RBA lift rate hike bets

The AUD/USD pair gathers strength to near 0.7035 during the Asian trading hours on Friday. The Australian Dollar edges higher against the US Dollar as hotter Australian CPI inflation data has bolstered expectations of Reserve Bank of Australia rate hikes.

USD/JPY declines toward 157.00 as Yen gathers strength after BoJ

The Japanese Yen gathers strength on Friday, with USD/JPY falling toward 157.00 in the second half of the day. The Bank of Japan (BoJ) decided to leave monetary policy settings unchanged at the October meeting, as expected. In the post-meeting press conference, BoJ Governor Ueda reiterated that they will continue to raise the policy rate and adjust the degree of monetary easing in reponse to economic activity and prices.

Gold remains on the back foot; targets $3,900

Gold now accelerates its decline and approaches the $3,930 region per troy ounce at the end of the week. The yellow metal’s correction comes in response to modest gains in the US Dollar, higher crude oil prices and further speculation of extra tightening by the Fed.

The hawkish Fed can't lift the US Dollar anymore

About three more Federal Reserve hikes are already priced in, and the central banks behind the Euro, Pound, Yen and Loonie are raising rates or about to. That leaves the US Dollar Index with little to gain if the Fed keeps leaning toward higher rates.

Binance hack shakes crypto, but XRP pullback may not be so bearish

Crypto markets were hit by a big headline overnight. Binance confirmed a security incident in which a compromised engineer's laptop led to unauthorized withdrawals, with an estimated impact of around $6.3 billion. About $3 billion has been frozen so far, Binance says it will cover the losses, and withdrawals were paused while security checks are completed.

A hot US economy is supposed to sink Gold. It didn't. Here's why

Gold (XAU/USD) remains under pressure near $4,000, as stronger-than-expected United States (US) economic data reinforce expectations of another Federal Reserve (Fed) interest rate hike in December. Economic growth is accelerating, inflation remains elevated, and borrowing costs could rise further.

Crude Oil Price News and Forecast: JP Morgan revised WTI price forecast for 2020

WTI renews multi-month highs above $61 after EIA data shows decline in US oil stocks

WTI Oil Outlook: oil price eases but key supports still intact; crude inventories report eyed for fresh signals

US Crude Oil

WTI

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AUD/USD edges higher as hot CPI inflation and hawkish RBA lift rate hike bets

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WTI renews multi-month highs above $61 after EIA data shows decline in US oil stocks

WTI Oil Outlook: oil price eases but key supports still intact; crude inventories report eyed for fresh signals

US Crude Oil

WTI

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