WTI: Bulls gathering pace for a test of September highs

Oil cheers strong US spending data, weaker USD and trade optimism.
September highs above $63 now on sight, as oil bulls consolidate.
Eyes on EIA US Crude Stocks and drilling data for fresh impulse.

Dhwani Mehta FXStreet

WTI (oil futures on NYMEX) is posting small gains and remains within a striking distance of three-month tops renewed last hour at $61.97.

The black gold continues to benefit from upbeat fundamentals that have revived hopes for the bulls to conquer the September month highs of $63.38, reached after the Saudi Arabian oilfields were allegedly attacked by Iran.

Over the last few days, the barrel of WTI has derived support from a drop in the American Petroleum Institute (API) Crude Stocks, strong US online consumer spending data, US-China trade deal signing news and broad USD weakness.

The API data showed that the US crude inventories fell by 7.9 million barrels in the week to December 20 to 444.1 million barrels vs. expectations for a draw of 1.83 million barrels.

From a broader perspective, the prices are likely to remain buoyed by the OPEC+ supply cuts, despite the latest comments from the Russian Energy Minister Novak that Russia will need to raise oil output at some point.

The immediate focus now shifts towards the EIA Crude Stocks and Baker Hughes US Rigs Count data due later in the NA session for fresh trading impetus.

WTI Technical levels to consider

WTI

Overview
Today last price	61.88
Today Daily Change	0.13
Today Daily Change %	0.21
Today daily open	61.79

Trends
Daily SMA20	59.27
Daily SMA50	57.57
Daily SMA100	56.48
Daily SMA200	57.82

Levels
Previous Daily High	61.88
Previous Daily Low	61.12
Previous Weekly High	61.47
Previous Weekly Low	59.75
Previous Monthly High	58.76
Previous Monthly Low	54.12
Daily Fibonacci 38.2%	61.59
Daily Fibonacci 61.8%	61.41
Daily Pivot Point S1	61.31
Daily Pivot Point S2	60.84
Daily Pivot Point S3	60.55
Daily Pivot Point R1	62.07
Daily Pivot Point R2	62.36
Daily Pivot Point R3	62.83

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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