|

WTI climbs to fresh highs post-EIA, still below $60.00

  • US inventories rose less than forecasted last week.
  • WTI bid albeit still in sub-$60.00 levels.
  • WTI keeps consolidating near term.

Prices of the American benchmark for the sweet light crude oil are trading on a better tone just below the psychological $60.00 mark per barrel following the DoE’s weekly report on US inventories.

WTI stronger on EIA gain

Prices for the black gold leapt to daily highs around $59.90 after the EIA reported a build of 1.841 million barrels during last week, less than the forecasted increase of 2.825 million barrels.

Additionally, weekly distillates stocks went down by 0.459 million barrels and gasoline stockpiles increased by 3.599 million barrels, both readings missing prior surveys.

Further data saw inventories at Cushing shrinking by 3.642 million barrels.

WTI has so far reverted yesterday’s drop although it remains in a consolidative mode following last week’s sharp decline from tops above the $66.00 handle.

Earlier news in the oil-space noted Russian Oil minister A.Novak saying that the OPEC deal will end ‘sooner or later’ and that traders should then shift their focus on supply, demand, investments and the USD.

WTI significant levels

At the moment the barrel of WTI is up 0.37% at $59.44 facing the next up barrier at $60.92 (55-day sma) seconded by $61.23 (50% Fibo of $55.74-$66.72) and finally $61.80 (10-day sma). On the downside, a breach of $58.10 (low Feb.9) would open the door to $58.09 (78.6% Fibo of $55.74-$66.72) and finally $57.62 (100-day sma).

Author

Pablo Piovano

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

More from Pablo Piovano
Share:

Editor's Picks

EUR/USD off highs, back to 1.1850

EUR/USD loses some upside momentum, returning to the 1.1850 region amid humble losses. The pair’s slight decline comes against the backdrop of a marginal advance in the US Dollar as investors continue to assess the latest US CPI readings.

GBP/USD advances to daily tops around 1.3650

GBP/USD now manages to pick up extra pace, clinching daily highs around 1.3650 and leaving behind three consecutive daily pullbacks on Friday. Cable’s improved sentiment comes on the back of the inconclusive price action of the Greenback, while recent hawkish comments from the BoE’s Pill also collaborates with the uptick.

Gold surpasses $5,000/oz, daily highs

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The yellow metal’s upside is also propped up by the lack of clear direction around the US Dollar post-US CPI release.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest 

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.