WTI consolidates the recovery below the $41 mark

WTI bulls gearing up for the next push higher.
Cautious optimism persists amid US stimulus hopes.
US oil buoyed by Russia’s intent to extend supply cuts.

Dhwani Mehta FXStreet

WTI (futures on NYMEX) is holding on to the 40.50 level amid a consolidative mode following a retreat from Thursday’s recovery rally to $41.01.

The US oil remains underpinned amid a better market mood, as the final Presidential election debate draws to an end. The Trump-Biden face-off was far better and informative than the first clash, which is seen lifting the risk sentiment while the progress on the US fiscal stimulus talks also remains risk-supportive.

The black gold clings onto the previous recovery gains, as Russian President Vladimir Putin’s comments continue to underpin the sentiment. Putin said that he would be ready to extend the oil output cuts if markets warrant amid the coronavirus pandemic.

Meanwhile, Wednesday’s Energy Information Administration (EIA) weekly US crude inventories drawdown also collaborates with the upbeat tone seen around the WTI barrel. The US crude stocks fell by 1 million barrels for the week ended Oct. 16 after a 3.8 million-barrel decline seen a week ago.

Looking ahead, developments surrounding the US fiscal stimulus aid and sentiment on Wall Street will be closely followed ahead of the weekly Baker Hughes US rigs count data.

WTI Technical levels

WTI

Overview
Today last price	40.70
Today Daily Change	0.10
Today Daily Change %	0.25
Today daily open	40.68

Trends
Daily SMA20	40.23
Daily SMA50	40.67
Daily SMA100	40.46
Daily SMA200	38.48

Levels
Previous Daily High	41.08
Previous Daily Low	39.78
Previous Weekly High	41.56
Previous Weekly Low	39.31
Previous Monthly High	43.56
Previous Monthly Low	36.43
Daily Fibonacci 38.2%	40.59
Daily Fibonacci 61.8%	40.28
Daily Pivot Point S1	39.94
Daily Pivot Point S2	39.21
Daily Pivot Point S3	38.64
Daily Pivot Point R1	41.25
Daily Pivot Point R2	41.82
Daily Pivot Point R3	42.55

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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