WTI bounces off lows and approaches $49.00 ahead of API

The barrel of WTI edges higher to the vicinity of $49.00.
OPEC+ plan a potential oil production cut in February.
The API will release its weekly report later in the NA session.

Pablo Piovano FXStreet

Crude oil prices reverse Monday’s losses and manage regain the $48.00 mark and above per barrel on turnaround Tuesday.

WTI looks to data, OPEC+

Prices of the barrel of the American benchmark for the sweet light crude oil regained the composure and the upside on Tuesday after bottoming out near the $47.0 mark at the beginning of the week.

Rumours that the OPEC+ could be mulling the idea of curtailing the oil production next month (by around 500K barrels per day) are behind the daily recovery in prices of the WTI, all coupled with the better sentiment in the risk complex.

Later in the NA session, the API will publish its usual weekly report on crude oil stockpiles ahead of tomorrow’s same report by the EIA.

WTI significant levels

At the moment the barrel of WTI is gaining 2.99% at $48.75 and faces the next hurdle at $49.80 (monthly high Jan.4) seconded by $50.00 (psychological level) and finally $54.45 (monthly high Feb.20). On the downside, a breach of $47.20 (monthly low Jan.4) would expose $46.18 (low Dec.23) ahead of $43.94 (monthly low Dec.2).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

AUD/USD turns south toward 0.6900 as USD firms up

AUD/USD sees fresh selling and drops toward 0.6900 in late Asian trading on Monday, as renewed US Dollar strength weighs on the pair amid lingering Middle East and Russia-Ukraine geopolitical tensions. Focus remains on Oil prices, Treasury bond yields, and RBA expectations for fresh trading impetus in the major.

USD/JPY retakes 158.00 amid hawkish BoJ bets, firmer USD

USD/JPY erases losses and retakes 158.00 in the Asian session on Monday, trading within a one-week-old range. Geopolitical uncertainty continues to underpin the US Dollar, despite fading Fed rate hike hopes, supporting the pair's rebound. However, further upside could be capped by hawkish BoJ expectations and looming intervention risks that could support the Japanese Yen.

Gold languishes below $4,200 amid high US yields

Gold trims some losses on Monday, but remains trapped within previous ranges, with upside attempts limited below $4,200 and with two-month lows of $4,110 at a short distance. The recent pullback on the US Dollar Index has provided some support for precious metals although the high US Treasury yields are keeping a floor on US Dollar dips so far.

Pi Network risks a steeper decline as bearish momentum builds

Pi Network extends losses below $0.090 maintaining a steady decline for the fifth consecutive day. The retail demand remains firm, with the notional value of active perpeutals holding above $10 million. The technical outlook for PI remains bearish as bearish momentum mounts.

ISM Services PMI expected to show robust US economy in September

The US ISM Services PMI is expected to improve marginally in September. The US services sector is expected to remain well into expansionary territory. Bets of further Fed tightening appear to have lost traction in the last few days.

The Euro is near a one-year low: Inflation could trigger its rebound, not its fall

EUR/USD has fallen to its lowest level since May 2025. The pair hit 1.1312 on Wednesday and trades well below the January peak of 1.2082. The decline reflects a powerful combination of US Dollar strength, geopolitical uncertainty and renewed concerns about Europe's exposure to higher energy prices.