Crude Oil Price News and Forecast: WTI bounces back beyond $58.00 following upbeat stockpiles, mixed headlines


WTI Price Analysis: On the back foot above multi-month-old support trendline, 200-day SMA

US oil output growth could decelerate by more than 50% next year due to capital discipline or austerity in the Permian Basin, America’s shale-oil engine, according to the U.S. Energy Information Administration (EIA).

Key points: "Supply to grow less than half a million barrels a day in 2021. Output is seen reaching 13.7 million barrels a day next year. Production is set to expand by 4."

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WTI bounces back beyond $58.00 following upbeat stockpiles, mixed headlines

WTI stays mildly bid while taking the rounds to $58.25 during the early Thursday. The black gold recently recovered after the weekly report from the US and the US-China phase-deal signing in ceremony. Though, mixed trade/political news limit the oil benchmark’s upside.

The US and China signed the phase-one deal of their fresh trade relations on Wednesday. China agreed to cut its trade balance with Washington by $200 billion whereas the US dumped Beijing from the currency manipulator list were among the many clauses that were written.

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WTI

Overview
Today last price 58.21
Today Daily Change 0.10
Today Daily Change % 0.17
Today daily open 58.11
 
Trends
Daily SMA20 60.71
Daily SMA50 58.95
Daily SMA100 57.22
Daily SMA200 57.79
 
Levels
Previous Daily High 58.36
Previous Daily Low 57.38
Previous Weekly High 65.67
Previous Weekly Low 58.69
Previous Monthly High 62.38
Previous Monthly Low 55.41
Daily Fibonacci 38.2% 57.75
Daily Fibonacci 61.8% 57.99
Daily Pivot Point S1 57.54
Daily Pivot Point S2 56.97
Daily Pivot Point S3 56.56
Daily Pivot Point R1 58.52
Daily Pivot Point R2 58.93
Daily Pivot Point R3 59.5

 

 

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