WTI consolidates in tight channel after failing to break above $60

  • WTI fluctuates in a narrow band above $59 on Thursday.
  • Crude oil stocks in the US fell more than expected last week.
  • Brent trades flat on the day a little below $62.

After suffering heavy losses on Monday, crude oil prices staged a technical correction but struggled to gather bullish momentum. The barrel of West Texas Intermediate (WTI) tested $60 in the previous two trading days but failed to settle above that level. As of writing, WTI was trading at $59.35, losing 0.3% on a daily basis.

The data published by the US Energy Information Administration (EIA) showed on Wednesday that crude oil stocks declined by 3.5 million barrels in the week ending April 2, compared to analysts' estimate for a decrease of 1.4 million barrels. Nevertheless, this report had little to no impact on WTI.

On Friday, Baker Hughes' Oil Rig Count will be the last data of the week that will be looked upon for fresh impetus by commodity trades. 

Meanwhile, Brent oil is trading virtually unchanged on a daily basis at $61.85, reflecting the neutral stance

Brent oil outlook

Capital Economic analysts have recently announced that they revised their Brent price forecast for the third quarter down to $75.

"We still expect oil prices (Brent) to peak at $75 per barrel in Q3 ($80 previously) on the back of a rebound in global demand," analysts noted. "However, steady increases in OPEC+ production will start to clear the market deficit and we still expect prices to fall to $70 by end-2021 and $60 by end-2022."

WTI technical levels to watch for


Today last price 59.35
Today Daily Change -0.23
Today Daily Change % -0.39
Today daily open 59.58
Daily SMA20 61.57
Daily SMA50 60.18
Daily SMA100 54.23
Daily SMA200 47.4
Previous Daily High 60.06
Previous Daily Low 58.15
Previous Weekly High 62.25
Previous Weekly Low 58.88
Previous Monthly High 67.87
Previous Monthly Low 57.27
Daily Fibonacci 38.2% 59.33
Daily Fibonacci 61.8% 58.88
Daily Pivot Point S1 58.47
Daily Pivot Point S2 57.36
Daily Pivot Point S3 56.57
Daily Pivot Point R1 60.38
Daily Pivot Point R2 61.17
Daily Pivot Point R3 62.28



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.

Feed news

Get Weekly Crypto trade ideas!  
Empower yourself with the best market insights

Join FXStreet Premium!    

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD holds gains above 1.2050 amid dollar weakness

EUR/USD is trading above 1.2050, holding onto its substantial gains. The dollar remains on the back foot despite an uptick in US bond yields. European regulators are set to rule on J&J's vaccine and US infrastructure news is awaited. 


GBP/USD extends gains above 1.40 amid an upbeat UK jobs report

GBP/USD is trading above 1.40, as the UK reported a drop in the unemployment rate to 4.9%, better than expected. The Claimant Count Change also beat estimates with 10.1K. Cable is also benefiting from broad dollar weakness. 


XAU/USD struggles for direction, stuck in a range around $1,770 level

Gold was seen oscillating in a narrow trading band through the Asian session on Tuesday. COVID-19 jitters, sustained USD selling continued lending some support to the commodity. The risk-on mood, uptick in the US bond yields helped limit any deeper losses for the metal.

Gold News

Ripple finds foothold for 60% upswing

XRP price has sliced through the immediate demand barrier flipping it into a supply zone. Ripple’s recent jab at breaching this area has failed, creating a double bottom formation on the 6-hour chart.

Read more

S&P 500 (SPX) Update: Equity markets take a well deserved breather, crypto stocks slide

Equity markets took a much-needed break from setting record highs on Monday. Tesla suffered a steep 5% fall after reports of a crash with no one at the wheel. Have a Coke and a smile was up 1% as KO smashed earnings estimates.

Read more