Spot WTI ends on Wall Street firmly in the green, targets set on $58


  • West Texas Intermediate crude rallied over 4% on trade headlines.
  • US CPI keeps the dollar bid alive, slowing down advance sin commodities.

West Texas Intermediate crude spot prices travelled over 4% higher on Tuesday between a low of $54.23bbls and a high of $57.43bbls while September delivery on the New York Mercantile Exchange, added $2.17, or 4%, to settle at $57.10 a barrel. this was the best finish for a front-month contract since July 31, all thanks to a drop of a geopolitical headline that seems to open the door back up for a solution to the Chinese US trade dispute, or at least ajar. 

Meanwhile, the weekly U.S. petroleum supplies from trade group the American Petroleum Institute is on tap on the hour while the EIA will issue its own report early Wednesday which generally gets better attention and which is expected to show a decline of 2.7 million barrels in crude supplies for the week ended Aug. 9. 

US CPI meets market expectations

The US Consumer Price Index came in line with market expectations in July at 0.3% m/m, pushing annual inflation up 0.2%pts from June to 1.8%:

"Core inflation (ex food and energy) was a touch stronger than expected, also at 0.3% m/m, which saw the annual measure lift to 2.2% from 2.1% in June. While there appears to be some temporary strength in the details (airline fares, tobacco), two consecutive 0.3% m/m rises for core inflation may give some policy makers cause to believe inflation pressures are a touch stronger than previously assumed," analysts at ANZ Bank explained. 

WTI levels

Technically, the bulls were holding just above the 50% retracement of the late Dec to 2019 range and took on the cluster of the 20, 50 and 200 daily moving averages to bust through both the 56 and 57 handles. There is room from here for a recovery to the 58 handle to meet trend line resistance. On the flip side, bears can target a break of the 50% reversion of the day's move at 55.80.

WTI

Overview
Today last price 56.94
Today Daily Change 2.25
Today Daily Change % 4.11
Today daily open 54.69
 
Trends
Daily SMA20 55.67
Daily SMA50 56.04
Daily SMA100 59
Daily SMA200 56.26
Levels
Previous Daily High 55.07
Previous Daily Low 53.48
Previous Weekly High 55.53
Previous Weekly Low 50.51
Previous Monthly High 60.99
Previous Monthly Low 54.87
Daily Fibonacci 38.2% 54.46
Daily Fibonacci 61.8% 54.09
Daily Pivot Point S1 53.76
Daily Pivot Point S2 52.82
Daily Pivot Point S3 52.17
Daily Pivot Point R1 55.35
Daily Pivot Point R2 56
Daily Pivot Point R3 56.94

 


 

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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

AUD/USD approaches 0.7200 on a better market’s mood

Wall Street was able to close the day with gains, although the US Congress was unable to clinch a deal on a coronavirus aid package. Investors keep selling the American currency.

AUD/USD News

XAU/USD retreats after hitting one-week highs above $1900

The recovery in gold after last week sharp decline continues to be capped by the $1,900/oz area. Recently, boosted by a slide of the US dollar, XAU/USD rose to $1,902 reaching the highest level in a week, but it failed to hold above $1,900 and pulled back.

Gold News

EUR/USD ends the day in the red just above 1.1700

The shared currency was the worst performer, ending the day in the red against the greenback, despite this last persistent weakness. Coronavirus concerns and new restrictions in the EU weighed.

EUR/USD News

Ethereum continues to reign the DeFi market, but TRON’s network activity skyrockets

After the total DeFi market capitalization exploded, surpassing $15 billion, several prominent projects announced the launch of their own DeFi products. 

Read more

WTI looks to settle with strong gains near $40

After suffering heavy losses on Tuesday, crude oil staged a decisive rebound and the barrel of West Texas Intermediate (WTI) touched a daily high of $40 before going into a consolidation phase. 

Oil News

Forex MAJORS

Cryptocurrencies

Signatures