WTI clings to daily gains after Baker Hughes data, adds nearly 10% this week


  • U.S.-Iran conflict fuels crude oil's rally this week.
  • Baker Hughes rig count ticks up to 789 from 788.
  • Barrel of WTI posts largest weekly gain in a long time. 

Crude oil rallied this week boosted by a number of critical developments and the barrel of West Texas Intermediate gained nearly 10% to post its largest weekly percentage gain since November 2016. As of writing, the WTI was adding nearly $5 on the week and 0.6% on the day.

Escalating tensions in the Middle East after Iran shot down a U.S. drone earlier this week caused concerns over major supply disruptions and President Trump announced that more sanctions on Iran were added last night. Commenting on the conflict and its potential impact on the oil market, "There is no doubt that a severe disruption to the transit of oil through this vulnerable route would be extremely serious," said consultancy FGE Energy in a note, via Reuters. 

Additionally, hopes of President Trump and President Xi meeting on the sidelines at the G20 and taking a step toward a trade agreement provided an additional boost to commodities this week. 

Meanwhile, the last data of the week from the U.S. published by Baker Hughes Energy Services revealed that the number of active oil rigs in the U.S. rose to 789 from 788 a week ago but didn't have a notable impact on crude oil prices.

Technical levels to watch for

WTI

Overview
Today last price 57.36
Today Daily Change 0.20
Today Daily Change % 0.35
Today daily open 57.16
 
Trends
Daily SMA20 54.62
Daily SMA50 59.66
Daily SMA100 58.84
Daily SMA200 58.48
Levels
Previous Daily High 57.37
Previous Daily Low 54.36
Previous Weekly High 54.94
Previous Weekly Low 50.94
Previous Monthly High 63.97
Previous Monthly Low 53.13
Daily Fibonacci 38.2% 56.22
Daily Fibonacci 61.8% 55.51
Daily Pivot Point S1 55.22
Daily Pivot Point S2 53.29
Daily Pivot Point S3 52.21
Daily Pivot Point R1 58.23
Daily Pivot Point R2 59.31
Daily Pivot Point R3 61.24

 

 

Share: Feed news

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD retreats below 1.0850 after upbeat US PMI data

EUR/USD retreats below 1.0850 after upbeat US PMI data

EUR/USD lost its traction and declined below 1.0850 in the American session on Thursday. Upbeat PMI data from the US, combined with the mixed action seen in Wall Street's main indexes, helps the US Dollar gather strength and weighs on the pair.

EUR/USD News

GBP/USD falls toward 1.2700 as USD benefits from PMI data

GBP/USD falls toward 1.2700 as USD benefits from PMI data

GBP/USD came under modest bearish pressure and declined toward 1.2700 in the second half of the day on Thursday. The US Dollar (USD) benefits from the PMI data, which showed an ongoing expansion in the private sector at an accelerating pace, and weighs on the pair.

GBP/USD News

Gold extends slide below $2,350.00

Gold extends slide below $2,350.00

Gold stays on the back foot and trades at its lowest level in over a week below $2,350. The benchmark 10-year US Treasury bond yield rises more than 1% following the stronger-than-forecast PMI data from the US, forcing XAU/USD to stretch lower.

Gold News

As Ethereum spot ETF approval nears, these altcoins could explode

As Ethereum spot ETF approval nears, these altcoins could explode

It is not surprising that altcoins related to Bitcoin saw a major rally post-Bitcoin spot ETF approval. Likewise, tokens closely related to Ether could ride the ETF approval wave. Ethereum Classic, Pepe, Floki and other DeFi tokens could gain momentum as the ETH ETF approval deadline nears. 

Read more

US S&P Global PMIs Preview: Economic expansion set to persist in May

US S&P Global PMIs Preview: Economic expansion set to persist in May

On Thursday, S&P Global will issue its flash estimates of the United States (US) Purchasing Managers Indexes (PMIs), a monthly survey of business activity. The survey is separated into services and manufacturing output and aggregated into a single statistic, the Composite PMI.

Read more

Forex MAJORS

Cryptocurrencies

Signatures