WTI drops back below $ 57 on Iranian President Rouhani

Bulls appetite killed by Iran’s President Rouhani pledge, risk-off action.
Will it regain poise, as hopes of OPEC output cuts still underpin?

Dhwani Mehta FXStreet

WTI (oil futures on NYMEX) failed to resist the upside once again near $ 57.50 level and broke lower following the comments from the Iranian President Rouhani, as he remains committed to export oil, despite the latest US sanction on Iran.

Moreover, the higher-yielding oil also faded selling pressure after a renewed risk-aversion wave gripped the European markets amid looming Brexit concerns and fresh Italian budget woes. Italy’s Salvini: Could oppose Eurozone Budget plan

However, the downside appears cushioned amid heightened expectations that top exporter Saudi Arabia will push producer club OPEC as well as perhaps Russia to cut supply toward year-end. Earlier today, the Russian Energy Minister Novak said that Russia is planning to sign an agreement on oil output with OPEC.

Looking ahead, the oil markets are likely to take a fresh direction on the prices from the upcoming weekly crude stockpiles report from the US later this week as well as from the US-China trade-related headlines.

WTI Technical Levels

WTI

Overview:
    Last Price: 56.9
    Daily change: -37 pips
    Daily change: -0.646%
    Daily Open: 57.27
Trends:
    Daily SMA20: 61.57
    Daily SMA50: 67.7
    Daily SMA100: 68.03
    Daily SMA200: 68.23
Levels:
    Daily High: 57.34
    Daily Low: 56.9
    Weekly High: 60.93
    Weekly Low: 55.21
    Monthly High: 76.25
    Monthly Low: 64.86
    Daily Fibonacci 38.2%: 57.17
    Daily Fibonacci 61.8%: 57.07
    Daily Pivot Point S1: 57
    Daily Pivot Point S2: 56.73
    Daily Pivot Point S3: 56.56
    Daily Pivot Point R1: 57.44
    Daily Pivot Point R2: 57.61
    Daily Pivot Point R3: 57.88

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.

EUR/USD recedes to daily lows near 1.1850

EUR/USD keeps its bearish momentum well in place, slipping back to the area of 1.1850 to hit daily lows on Monday. The pair’s continuation of the leg lower comes amid decent gains in the US Dollar in a context of scarce volatility and thin trade conditions due to the inactivity in the US markets.

GBP/USD resumes the downtrend, back to the low-1.3600s

GBP/USD rapidly leaves behind Friday’s decent advance, refocusing on the downside and retreating to the 1.3630 region at the beginning of the week. In the meantime, the British Pound is expected to remain under the microscope ahead of the release of the key UK labour market report on Tuesday.

Gold looks inconclusive around $5,000

Gold partially fades Friday’s strong recovery, orbiting around the key $5,000 region per troy ounce in a context of humble gains in the Greenback on Monday. Additing to the vacillating mood, trade conditions remain thin amid the observance of the Presidents Day holiday in the US.

Bitcoin consolidates as on-chain data show mixed signals

Bitcoin price has consolidated between $65,700 and $72,000 over the past nine days, with no clear directional bias. US-listed spot ETFs recorded a $359.91 million weekly outflow, marking the fourth consecutive week of withdrawals.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.