WTI bounces to $66 mark as Saudi cuts April crude supply for Asian refiners

Dhwani Mehta FXStreet

Saudi Arabia announced that it has slashed crude supply to at least four north Asian buyers for its April-loading, Reuters reports on Friday, citing refinery sources.

Additional insights

“Chinese refiners received a small cut in their Saudi supply, while the reduction in volumes for Japanese buyers was between 10% and 15%.”

“The Kingdom will meet the normal monthly requirements of Indian refiners.”

“Saudi Aramco is also commissioning its 400,000-bpd Jizan refinery in the southwest of the country which may have reduced its exports.”

Market reaction

WTI picked up fresh bids on the above report, extending the bounce from session lows of $65.41.

The black gold was last seen trading at $65.96, modestly flat on the day. The US oil hit a two-year high at $67.98 on Thursday, mainly driven by broad-based US dollar weakness.

A drawdown in the US crude stockpiles earlier this week also helped push the prices higher.

WTI technical levels

WTI

Overview
Today last price	65.94
Today Daily Change	-0.20
Today Daily Change %	-0.30
Today daily open	66.11

Trends
Daily SMA20	62.1
Daily SMA50	56.82
Daily SMA100	50.29
Daily SMA200	45.38

Levels
Previous Daily High	66.18
Previous Daily Low	64.5
Previous Weekly High	66.27
Previous Weekly Low	59.17
Previous Monthly High	63.72
Previous Monthly Low	51.6
Daily Fibonacci 38.2%	65.54
Daily Fibonacci 61.8%	65.14
Daily Pivot Point S1	65.02
Daily Pivot Point S2	63.92
Daily Pivot Point S3	63.34
Daily Pivot Point R1	66.69
Daily Pivot Point R2	67.27
Daily Pivot Point R3	68.37

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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