Oil recovers from monthly lows but loses more than 7% for the week

  • Oil advances on Friday but closes the week with a 7% loss. 
  • Diminishing escalations in the Middle East put pressure on crude prices.

West Texas Intermediate (WTI) crude oil finished Friday with small gains, following five consecutive daily losses. Oil recovered from a monthly low of $54.72 a barrel scored on Thursday and it is poised to end the week just below $56.00/bbl.

WTI losses 7% for the week amid easing geopolitical tensions 

Oil recovered from one-month lows scored on Thursday and moved back to $56.00/bbl amid reports that Iran seized a UK ship in the Gulf of Oman. However, sweet light crude oil has faced strong pressure this week, losing more than 7%, amid rumours that Iran and the US could go back to the negotiation table, diminishing geopolitical tensions.

WTI significant levels

At the moment the barrel of WTI is gaining 0.41% on Friday at $55.93. On the upside, next resistances could be found at $57.37 (200-day SMA), $57.97 (20-day SMA) and $59.10 (100-day SMA). On the downside, immediate support is seen at $54.72 (monthly low, Jul 18) followed by $54.10 (Jun 20 low) and finally $53.10 (200-week SMA).

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD rising after upbeat German PMI data

EUR/USD is trading around 1.1100, up on the day. German manufacturing PMI surprised with 43.6 and other figures also beat expectations. The ECB minutes are next.


GBP/USD stabilizing above 1.2100 ahead of the Johnson-Macron meeting

GBP/USD is trading above 1.2100, steady. After German Chancellor Merkel offered UK PM Johnson 30 days to solve the Irish Backstop problem, Johnson meets French President Macron.


USD/JPY: Weaker below 106.50, focus on T-yields ahead of Powell

USD/JPY trades weaker below the 106.50 level, tracking the negative S&P 500 futures and a cautious sentiment on the Asian equities, as attention shifts from the FOMC minutes to the Fed's Powell speech for fresh direction. 


Gold: Trapped in a symmetrical triangle

Gold is trapped in a narrowing price or a symmetrical triangle pattern, according to the 4-hour chart. The yellow metal rose to a six-year high of $1,353 per Oz on Aug. 13 and has charted lower highs and higher lows ever since.

Gold News

USD/CNH: Rallies, confirms falling channel breakout

Another wave of CNH selling could soon hit the market as the pair technical charts are reporting a bullish breakout. For instance, the pair has jumped 0.22% to levels above 7.08 today, confirming an upside break of the falling channel on the 4H chart.

Read more