WTI climbs to 3-day peaks beyond $53.00, API eyed


  • Crude oil prices move higher on trade hopes.
  • WTI retakes the $53.00 handle and beyond.
  • API report on US oil inventories next on tap.

Prices of the barrel of the West Texas Intermediate are trading on a positive note so far on Tuesday, retaking the key $53.00 mark and printing at the same time fresh 3-day highs.

WTI upbeat on trade hopes, looks to data

The now better sentiment in the riskier assets is propping up the recovery in crude oil prices to levels beyond the key $53.00 mark, or 3-day highs, always on the back of renewed hopes

In fact, renewed speculations on a positive outcome from this week’s US-China trade talks have been lending support to crude oil prices, while recent news cited the likeliness that the 90-day truce deadline (March 1) could be extended further.

Moving forward, the American Petroleum Institute (API) will report on the week variation of US crude oil supplies later in the NA session.

What to look for around WTI

Hopes of a US-China trade deal have lent extra oxygen to crude oil prices in past hours and this should remain a key driver in the very near term. On the broader picture, the current OPEC+ deal to curb oil production, US sanctions against Venezuelan and Iranian oil exports and the so-called ‘Saudi Put’ keep offering strong contention in case of occasional drop in prices.

WTI significant levels

At the moment the barrel of WTI is up 1.78% at $53.30 facing the next hurdle at $53.58 (10-day SMA) followed by $55.59 (2019 high Feb.4) and finally $57.74 (100-day SMA). On the downside, a breakdown of $51.17 (low Feb.11) would aim for $51.83 (55-day SMA) and then $50.34 (low Jan.14).

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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD hits fresh three-week lows as optimism from German data fades

EUR/USD has hit a fresh three-week low below 1.1070 as optimism from better-than-expected German PMIs fades. The data still points to a downturn. Tension mounts ahead of Fed's Powell critical speech on Friday.

EUR/USD News

GBP/USD surges above 1.2200 on Merkel's Brexit optimism

GBP/USD is trading above 1.2250, at the highest this month after German Chancellor Merkel said a solution to the Irish backstop can be found by October 31st. UK PM Johnson is meeting French President Macron.

GBP/USD News

USD/JPY: Weaker below 106.50, focus on T-yields ahead of Powell

USD/JPY trades weaker below the 106.50 level, tracking the negative S&P 500 futures and a cautious sentiment on the Asian equities, as attention shifts from the FOMC minutes to the Fed's Powell speech for fresh direction. 

USD/JPY News

Gold plummets to fresh nine-day lows near $1,492 on surging US T-bond yields

The XAU/USD pair came under renewed bearish pressure in the last hour and broke below the critical $1,500 as the rising US Treasury bond yields made it difficult for the safe-haven gold to find demand.

Gold News

Top 3 Price Prediction Bitcoin, Ripple, Ethereum: BTC to $50,000 or Gold to $5,000? Current crypto levels to watch

"Gold will reach $5,000" claimed Peter Schiff, a crypto critic, and a gold bug. "Bitcoin will reach $50,000," said Tom Lee. Both influences clashed on social media and on television about future prices. 

Read more

MAJORS

Cryptocurrencies

Signatures


  •  
  •  
  •  
  •  
  •