WTI climbs to 8-month tops near $44.00

Prices of the WTI extends the rally to the vicinity of $44.00.
Prospects of higher demand keep sustaining the upbeat note.
The API’s weekly report on US crude oil supplies comes up next.

Pablo Piovano FXStreet

The rally in WTI extends further and approaches the key $44.00 mark per barrel on Tuesday.

WTI upbeat on demand, looks to data

Prices of the American benchmark for the sweet light crude oil advance further on Tuesday and trade at shouting distance from the $44.00 level, area last visited back in March.

As usual in past sessions, improved prospects for crude oil demand continue to sustain the rally in prices to multi-month highs, particularly following recent news that potential vaccines could be delivered within the next months.

The upbeat mood among traders is also underpinned by rising rumours that the OPEC+ could postpone its tapering for an extra three months. The final decision of the cartel on this matter is expected at the November 30-December 1 meeting.

Later in the session, the American Petroleum Institute (API) will publish its weekly report on US crude oil inventories (+4.174M prev.).

WTI significant levels

At the moment the barrel of WTI is up 2.18% at $43.77 and faces the next hurdle at $43.87 (monthly high Nov.24) seconded $48.39 (monthly high Mar.4) and finally $54.45 (monthly high Feb.20). On the downside, a breach of $40.12 (weekly low Nov.16) would aim to $39.74 (55-day SMA) and then $37.09 (low Nov.6).

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.

EUR/USD flat lines near 1.1800 as traders brace for US PPI release

The EUR/USD pair trades on a flat note near 1.1800 during the early Asian session on Friday. The pair steadies as softer Eurozone inflation offsets US tariff uncertainties. Traders await the preliminary reading of the Consumer Price Index from Germany on Friday for more clues about the pace of future policy easing. On the US front, the Producer Price Index report will be released.

GBP/USD threatens the 200-day SMA near 1.3440

GBP/USD rapidly leaves behind Wednesday’s strong advance, coming under heavy pressure and retesting the 1.3440 zone, where the critical 200-day SMA is located. Cable’s deep pullback follows the strong gains in the Greenback, while investors continue to pencil in a potential BoE rate cut in March.

Gold remains below $5,200 despite tariff jitters and geopolitical risks

Gold is seen consolidating in a range below the $5,200 mark during the Asian session on Friday amid mixed cues. Trade jitters, along with the risk of a potential US-Iran war, act as a tailwind for the safe-haven bullion. Meanwhile, the Fed's hawkish outlook keeps the US Dollar close to the monthly high and caps the non-yielding yellow metal. Nevertheless, the commodity remains on track to register gains for the fourth straight week, though the fundamental backdrop warrants some caution for bullish traders.

Top Crypto Gainers: Stable and Decred rally, Pippin approaches record highs

Altcoins, such as Stable, Decred, and Pippin, are extending gains so far this week, defying the risk-averse conditions in the broader cryptocurrency market. Stable and Pippin are near record high levels, while Decred extends its breakout rally above $30.

Changing the game: International implications of recent tariff developments

The Supreme Court ruling on International Emergency Economic Powers Act (IEEPA) tariffs provides limited relief for the rest of the world, with weighted average tariff rates modestly lower.

Bitcoin steadies as traders eye US–Iran talks

Bitcoin (BTC) price is stabilizing around $68,000 at the time of writing on Thursday after a 6.2% relief rally the previous day amid a broader downward trend.