• WTI picks up bids to reverse the pullback from weekly top.
  • OPEC panel anticipates 1.1 mbd excess supplies due to SPR.
  • Asia follows the US-led release of strategic oil reserves, EIA stockpiles increase.
  • Holiday in US, the light calendar will restrict intraday moves.

WTI prints mild gains above $78.00, near $78.20 during Thursday’s Asian session on the hawkish hopes from the Organization of the Petroleum Exporting Countries (OPEC).

The black gold took a U-turn from the weekly high to snap a two-day uptrend the previous day after supply concerns escalated. Also adding to the upside filter was the weekly official oil inventories from the US Energy Information Administration (EIA). It should be noted that the EIA Crude Oil Stocks Change rose to +1.017M versus -0.481M forecasts and -2.101M prior.

That said, Bloomberg came out with the OPEC panel forecasts while saying, “SPR (Strategic Petroleum Reserves) releases may massively swell global oil surplus. The news adds, “Oil excess in world markets may increase by 1.1 million barrels a day (MBD) in January and February.”

Given the OPEC’s fear of supply increase and a resultant price decline, chatters are loud that the cartel will cut the output goals and help the oil prices.

Even so, fears of the Fed rate hike and fresh covid woes from the Eurozone challenge the oil buyers.

To sum up, the oil prices are likely to stay sidelined with mixed catalysts. Adding to the indecision the Thanksgiving Day Holiday in the US and a light calendar elsewhere.

Technical analysis

Wednesday’s bearish spinning top teases WTI sellers but a 50-day EMA level of $78.00 restricts short-term moves, a break of which will direct oil sellers to a 100-day EMA level of 74.90.

Additional important levels

Today last price 78.17
Today Daily Change -0.42
Today Daily Change % -0.53%
Today daily open 78.59
Daily SMA20 80.03
Daily SMA50 78.52
Daily SMA100 73.91
Daily SMA200 69.52
Previous Daily High 78.7
Previous Daily Low 75.17
Previous Weekly High 80.67
Previous Weekly Low 75
Previous Monthly High 84.98
Previous Monthly Low 74.06
Daily Fibonacci 38.2% 77.35
Daily Fibonacci 61.8% 76.52
Daily Pivot Point S1 76.27
Daily Pivot Point S2 73.95
Daily Pivot Point S3 72.74
Daily Pivot Point R1 79.8
Daily Pivot Point R2 81.02
Daily Pivot Point R3 83.34



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.

Feed news Join Telegram

Recommended content

Recommended content

Editors’ Picks

EUR/USD rebounds, steadies above 1.0400

EUR/USD rebounds, steadies above 1.0400

EUR/USD has staged a rebound and reclaimed 1.0400 during the American trading hours on Friday with the US Dollar Index retreating from the multi-week high it set at above 105.60. Nevertheless, the pair remains on track to close the week in negative territory. 


GBP/USD climbs to 1.2050 area, looks to post weekly losses

GBP/USD climbs to 1.2050 area, looks to post weekly losses

GBP/USD reversed its direction and advanced to the 1.2050 area after having dropped to 1.1976 earlier in the day. The pair is still down more than 1% on the day with safe-haven flows dominating the financial markets following the disappointing PMI data from the US.


Gold rebounds above $1,800 as US yields fall sharply

Gold rebounds above $1,800 as US yields fall sharply

Gold has regained its traction and recovered above $1,800 after having slumped to a multi-month low below $1,790. Following the dismal PMI data from the US, the benchmark 10-year US Treasury bond yield is down more than 6% on the day, fueling XAU/USD's rebound.

Gold News

Why traders are rushing to exit positions on Cardano’s ADA price

Why traders are rushing to exit positions on Cardano’s ADA price

Cardano (ADA) price has had its performance review as the summer kicks off. ADA bulls are returning home with not-that-good a scorecard, and the underperformance could cut short holiday funding for the cryptocurrency.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!