Crude Oil Price News and Forecast: WTI holds above $58 in Asia after snapping six-day losing streak


US oil output growth could decelerate by more than 50% next year

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 holds above $58 in Asia after snapping six-day losing streak

West Texas Intermediate (WTI) oil is trading above the $58 handle in Asia. The black gold witnessed two-way business on Tuesday and ended the day with marginal gains, snapping the six-day losing streak – the longest since October. 

Surprise US inventory buildup
The American Petroleum Insitute (API) on Tuesday reported an oil inventory estimate of 1.1 million barrels for the week ending January 10, contradicting analyst expectations of a 474,000-barrel draw in inventory.

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WTI

Overview
Today last price 58.02
Today Daily Change -0.12
Today Daily Change % -0.21
Today daily open 58.14
 
Trends
Daily SMA20 60.81
Daily SMA50 58.92
Daily SMA100 57.18
Daily SMA200 57.82
 
Levels
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

 

 

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