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.

Eren Sengezer FXStreet

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

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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