Oil lagging on the tail end, WTI knocking back into $52.00

Oil prices getting challenged by rising US supplies once again.
Demand for crude energy is struggling to keep pace with US production levels.

Joshua Gibson FXStreet

Oil prices have gone cautious for Thursday, with WTI ticking down towards 51.80 on rising US stock supplies. Although demand for crude oil continues to rise, energy traders are concerned that the pace of demand growth may not be enough after US gas reserves grew by more than was expected.

US crude oil production also ticked into a new all-time record, hitting 11.9 million barrels per day, with barrel exports also reaching record highs of 3 million barrels per day, and gasoline stockpiles added a surging 7.5 million barrels last week, far above the expected 2.8 million barrel increase, bringing the total gasoline backlog up to 255.6 million barrels.

WTI Technical Levels

WTI

Overview:
    Today Last Price: 52.3
    Today Daily change: -31 pips
    Today Daily change %: -0.589%
    Today Daily Open: 52.61
Trends:
    Previous Daily SMA20: 48.55
    Previous Daily SMA50: 51.02
    Previous Daily SMA100: 60.02
    Previous Daily SMA200: 64.3
Levels:
    Previous Daily High: 52.8
    Previous Daily Low: 51.56
    Previous Weekly High: 53.57
    Previous Weekly Low: 48.33
    Previous Monthly High: 54.68
    Previous Monthly Low: 42.45
    Previous Daily Fibonacci 38.2%: 52.33
    Previous Daily Fibonacci 61.8%: 52.03
    Previous Daily Pivot Point S1: 51.85
    Previous Daily Pivot Point S2: 51.08
    Previous Daily Pivot Point S3: 50.61
    Previous Daily Pivot Point R1: 53.09
    Previous Daily Pivot Point R2: 53.56
    Previous Daily Pivot Point R3: 54.33

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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