Oil markets pushing higher, WTI holding $48.50

Upside risk sentiment sees oil on the upswing.
Crude's recovery fueled by declining production amounts.

Joshua Gibson FXStreet

Crude markets are catching a lift in early Monday trading, sending US WTI barrels upwards of 48.50 as energies traders look to reclaim the 49.00 and 50.00 critical handles.

As the US and China get set for trade talks on January 7th and 8th, investors are hoping for a successful showing from the negotiating table meeting, but the big news for crude markets came from OPEC+ for January, with production limits already beginning to take effect as exported oil from key OPEC nations helps to eat away at the massive supply overhang, largely from overproducing United States.

OPEC+ is expected to send oil production down another 1.2 million barrels per day beginning from January, but December's production limit of almost half a million barrels per day is helping oil prices ahead of January's big move, helping to see crude markets recovering further.

WTI Technical Levels

WTI

Overview:
    Today Last Price: 48.79
    Today Daily change: 55 pips
    Today Daily change %: 1.14%
    Today Daily Open: 48.24
Trends:
    Previous Daily SMA20: 48.31
    Previous Daily SMA50: 52.79
    Previous Daily SMA100: 61.56
    Previous Daily SMA200: 65.19
Levels:
    Previous Daily High: 49.41
    Previous Daily Low: 46.84
    Previous Weekly High: 49.41
    Previous Weekly Low: 44.52
    Previous Monthly High: 54.68
    Previous Monthly Low: 42.45
    Previous Daily Fibonacci 38.2%: 48.43
    Previous Daily Fibonacci 61.8%: 47.82
    Previous Daily Pivot Point S1: 46.92
    Previous Daily Pivot Point S2: 45.59
    Previous Daily Pivot Point S3: 44.35
    Previous Daily Pivot Point R1: 49.49
    Previous Daily Pivot Point R2: 50.73
    Previous Daily Pivot Point R3: 52.06

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.

EUR/USD challenges 1.1800, two-week lows

EUR/USD remains on the defensive, extending its leg lower to the vicinity of the 1.1800 region, or two-week lows, on Tuesday. The move lower comes as the US Dollar gathers further traction ahead of key US data releases, inclusing the FOMC Minutes, on Wednesday.

GBP/USD looks weaker near 1.3500

GBP/USD adds to Monday’s pessimism and puts the 1.3500 support to the test on Tuesday. Cable’s marked pullback comes in response to extra gains in the Greenback while disappointing UK jobs data also collaborate with the offered bias around the British Pound.

Gold loses further momentum, approaches $4,800

Gold recedes to fresh two-week troughs around the $4,800 region per troy ounce on Tuesday. The precious metal builds on Monday’s downtick following a marked rebound in the US Dollar and mixed US Treasury yields across the board.

Crypto Today: Bitcoin, Ethereum, XRP upside looks limited amid deteriorating retail demand

The cryptocurrency market extends weakness with major coins including Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trading in sideways price action at the time of writing on Tuesday.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.