WTI challenges weekly tops near $40.50 ahead EIA data

  • WTI eyes $41 amid better China PMI and US crude stocks draw.
  • Risk recovery and broad USD weakness also underpins Oil.
  • Focus shifts to critical US macro data and EIA crude stockpiles.

WTI (August futures on Nymex) is trading at the highest level in five days near the midpoint of the 40 handle, currently, rallying over 3%.

Despite closing the second-quarter below the key 40 mark, the black gold has started out the third quarter on a solid footing, underpinned by the increased expectations of a faster economic rebound globally. Markets ignored the surge in the coronavirus cases amid better global economic recovery prospects.

The recent slew of Chinese macro data has been quite promising while the latest Eurozone and German Manufacturing PMIs also signaled that the recovery could be faster than expected. This gave a boost to the risk sentiment and higher-yielding assets such as oil. H

However, markets still remain nervous ahead of the critical US economic releases, including the ISM Manufacturing PMI and ADP Employment Change, which could have a major impact on the dollar trades. At the moment, the barrel of WTI continues to benefit from broad US dollar weakness as well.

Further, the bullish US weekly crude stocks change report published by the American Petroleum Institute (API) late Tuesday also collaborates with the upside in the commodity. The US crude supplies fell by 8.2 million barrels for the week ended June 26.

WTI technical levels to watch

With the bulls keeping the reins, the next resistances are aligned at 41 (round number) and 41.18 (classic R1). On the flip side, the immediate downside should be capped by the 40 level, below which 39.40/35 (daily pivot/ 5-DMA) could offer some respite to the bulls.

WTI additional levels 


Today last price 40.51
Today Daily Change 0.74
Today Daily Change % 1.86
Today daily open 39.84
Daily SMA20 38.52
Daily SMA50 31.4
Daily SMA100 33.7
Daily SMA200 45.25
Previous Daily High 40.1
Previous Daily Low 38.9
Previous Weekly High 41.65
Previous Weekly Low 37.18
Previous Monthly High 41.65
Previous Monthly Low 34.45
Daily Fibonacci 38.2% 39.64
Daily Fibonacci 61.8% 39.36
Daily Pivot Point S1 39.13
Daily Pivot Point S2 38.42
Daily Pivot Point S3 37.93
Daily Pivot Point R1 40.32
Daily Pivot Point R2 40.81
Daily Pivot Point R3 41.52



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

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD bounces after upbeat COVID-19 cure news

EUR/USD is trading above 1.13, rebounding from the lows. Gilead reported that its drug Remdesevir substantially reduces mortality among COVID-19 patients. The news boosted stocks and weighed on the dollar. US coronavirus statistics are due out.


GBP/USD recaptures 1.26 as the market mood improves

GBP/USD is trading above 1.26 as the market mood improves and the safe-haven dollar retreats. Investors are shrugging off Brexit concerns and focusing on hopes to cure coronavirus. US COVID-19 statistics are due out.


XAU/USD consolidates daily gains above $1,800

After advancing to its highest level since September of 2011 at $1,818 on Wednesday, the XAU/USD pair staged a correction and briefly dropped below $1,800 on Thursday.

Gold News

Cryptocurrencies: War for dominance hit the bedrock of the market

Bitcoin tried to regain market share and activated sales in the Altcoin segment. BTC/USD, ETH/USD and XRP/USD are looking for supports and a rebound to push them to new elative highs. The current compression on the XRP/USD chart could trigger an exploding movement.

Read more

WTI drops to fresh weekly lows below $39 amid virus risks, IEA forecast

WTI (August futures on Nymex) extends the steep declines seen on Thursday to drops over 1.50% in the European session this Friday. The oil bears breach the 39 level to hit the lowest levels in eight days at 38.76.

Oil News