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.

GBP/USD revisits 1.3530; Dollar pushes harder

GBP/USD adds to the weekly correction and recedes toward the 1.3530 zone on Friday. Indeed, Cable faces increasing selling pressure on the back of extra gains in the Greenback, particularly fuelled by Chair Warsh’s speech at the Jackson Hole Symposium and the US NFP Annual Revision (-79K).

EUR/USD breaches below 1.1600, multi-day lows

EUR/USD now accelerates its decline and retreats to seven-day troughs in the sub-1.1600 region at the end of the week. The pair’s pullback comes on the back of the strong rebound in the US Dollar after Chair Warsh delivered a hawkish message in Jackson Hole, while the US NFP Annual Revision came in at -79K.

Gold challenges its 200-day SMA near $4,530

Gold’s decline gathers fresh steam, hitting weekly lows while disputing its critical 200-day SMA near $4,530 per troy ounce. The yellow metal’s increasing weakness comes in response to the generalised upbeat tone in the US Dollar and the widespread rebound in US Treasury yields, as investors continue to reprice a Fed rate hike in September.

Crypto Today: Bitcoin, Ethereum, XRP rally loses steam despite steady ETF inflows

Bitcoin is back below $80,000 at the time of writing on Friday, after a second attempt at breaking resistance between $81,000 and $82,000. Meanwhile, Ethereum and Ripple mirror Bitcoin’s cooling trend, with ETH sliding to $2,500 and XRP falling toward $1.40 support.

Week ahead – RBNZ and BoC decide on rates ahead of all-important US NFP

Dollar rebounds ahead of ISM PMI and NFP data. RBNZ is expected to raise rates; focus to fall on forward guidance. BoC is set to remain on hold; will it raise rates in 2027?

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.