WTI climbs to fresh 13-month highs above $61 ahead of API stock report

Crude oil prices gain traction following Tuesday's consolidation.
Indian oil minister urges OPEC+ to ease production cuts.
Focus shifts to API's Weekly Crude Oil Stock data.

Eren Sengezer FXStreet

Crude oil prices traded in a tight range on Tuesday and the barrel of West Texas Intermediate (WTI) closed virtually unchanged a little above $60.

Eyes on US API oil inventory data

However, with oil production coming to a halt in the US' largest oil-producing state, Texas, due to a winter storm, WTI regained its traction on Wednesday and touched its highest level since January 2020 at $61.23. As of writing, WTI was trading at $60.90, gaining 1.3% on a daily basis.

Later in the session, the American Petroleum Institue's (API) Weekly Crude Oil Stock report will be watched closely by the market participants. Production disruptions in the US are likely to cause another draw in crude oil inventories.

Meanwhile, Reuters reported on Wednesday that India's oil minister voiced his concerns over the rising oil prices and urged OPEC+ to ease production cuts. This headline seems to have forced WTI to pull away from its 13-month highs.

On the other hand, Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said on Wednesday urged producers to remain "extremely cautious" amid very high uncertainty. "Those who are trying to predict the next move of OPEC+, to those I say, don’t try to predict the unpredictable," bin Salman added, pre Reuters.

Technical levels to watch for

WTI

Overview
Today last price	61.07
Today Daily Change	0.83
Today Daily Change %	1.38
Today daily open	60.24

Trends
Daily SMA20	55.49
Daily SMA50	51.82
Daily SMA100	46.52
Daily SMA200	42.9

Levels
Previous Daily High	60.3
Previous Daily Low	59.35
Previous Weekly High	59.73
Previous Weekly Low	56.89
Previous Monthly High	53.94
Previous Monthly Low	47.26
Daily Fibonacci 38.2%	59.94
Daily Fibonacci 61.8%	59.71
Daily Pivot Point S1	59.62
Daily Pivot Point S2	59.01
Daily Pivot Point S3	58.67
Daily Pivot Point R1	60.58
Daily Pivot Point R2	60.92
Daily Pivot Point R3	61.53

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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