Crude Oil Price News and Forecast: WTI pares back gains amid bearish IEA report, mixed market mood


WTI drops back below $58 post-IEA report

WTI (oil futures on NYMEX) reverses the intraday gains and trades modestly flat in the European trading, having met fresh supply in the last hour after the bearish monthly oil market report from the International Energy Agency (IEA) hit the investors’ sentiment.

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WTI Oil Outlook: Bears are on hold but recovery attempts lack momentum for stronger advance

WTI oil price bounced on Thursday after triple failure to clear 200DMA ($57.70) support.

}Initial reversal signal is forming on daily chart after price action in past two days ended in Doji candles and subsequent advance.

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WTI

Overview
Today last price 58.61
Today Daily Change 0.50
Today Daily Change % 0.86
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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