WTI closes in on multi-month highs, settles below $42 ahead of API data

Upbeat data from US help WTI push higher on Tuesday.
Focus shifts to API's weekly Crude Oil Stock data.

Crude oil prices rose for the second straight day on Tuesday with the barrel of West Texas Intermediate (WTI) climbing to its highest level since July 23rd at $42.05. As of writing, the WTI was trading at $41.75, gaining 2.4% on a daily basis.

WTI gains traction on US data

The upbeat macroeconomic data releases from the US helped the WTI push higher during the American session. The US Census Bureau reported that Factory Orders increased by 6.2% on a monthly basis in June and beat the market expectation of 5%. Additionally, the IBD/TIPP Economic Optimism Index improved from 44 to 46.8 and the ISM-NY Business Conditions Index jumped to 53.5 and surpassed analysts' estimate of 15.8 by a wide margin.

Moreover, heightened optimism on US lawmakers reaching an agreement on the next coronavirus stimulus bill also seems to be providing an additional boost to crude oil prices.

Meanwhile, the number of confirmed daily coronavirus cases in the US over the weekend came in below 50,000 for the first time in nearly a month and revived expectations for a recovery in oil demand.

Later in the day, the American Petroleum Institue (API) will publish its Weekly Crude Oil Stock data.

Technical levels to watch for

WTI

Overview
Today last price	41.79
Today Daily Change	0.86
Today Daily Change %	2.10
Today daily open	40.93

Trends
Daily SMA20	40.92
Daily SMA50	39.17
Daily SMA100	32.26
Daily SMA200	43.58

Levels
Previous Daily High	41.37
Previous Daily Low	39.75
Previous Weekly High	41.99
Previous Weekly Low	39.1
Previous Monthly High	42.52
Previous Monthly Low	38.73
Daily Fibonacci 38.2%	40.75
Daily Fibonacci 61.8%	40.37
Daily Pivot Point S1	39.99
Daily Pivot Point S2	39.06
Daily Pivot Point S3	38.37
Daily Pivot Point R1	41.62
Daily Pivot Point R2	42.31
Daily Pivot Point R3	43.24

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.