• Crude oil remains depressed after EIA data. 
  • WTI eyes June lows, could post lowest daily close since early January. 

Crude prices remain in the red on Wednesday’s American session, falling for the third-day in-a-row, following inventory data. Also, risk aversion contributes to the decline. 

WTI (futures on Nymex) rose to $52.30 earlier today, but it failed to hold on top of $52.00 and dropped back toward daily lows. As of writing, trades at $51.65, down 3.05%. Risk aversion across financial markets, trade tensions between the US and China, rising inventories and demand concerns continue to weigh on crude oil

Energy markets have remain subdued as global growth worries compounded fears of oversupply as US inventories swell. However, we continue to highlight that risks to global supply remain particularly elevated, with Venezuelan production crumbling, Libya in turmoil and Gulf tensions at a boil. And, we suspect that we've hit the strike price on Falih's put, as the fierce decline in energy prices of late heightens the likelihood that OPEC's upcoming meeting will lead to an extension of the supply curtailment agreement, at the very least”, explained analysts at TDS. 

They warn that the downside momentum is firming “but given that key trigger levels ($47.50 for WTI) remain out of range for crude prices, we suspect limited activity from the algos for the time being.” 

The decline on Wednesday remains limited above $51.50, a key support level. If it consolidates below, more losses seems likely exposing the June low at $50.40 and also the psychological area of $50.00. To the upside, the immediate resistance is now $52.30 followed by $53.00.


Today last price 51.92
Today Daily Change -1.33
Today Daily Change % -2.50
Today daily open 53.25
Daily SMA20 57.62
Daily SMA50 61.07
Daily SMA100 58.83
Daily SMA200 59.11
Previous Daily High 54.21
Previous Daily Low 53.13
Previous Weekly High 54.68
Previous Weekly Low 50.72
Previous Monthly High 63.97
Previous Monthly Low 53.13
Daily Fibonacci 38.2% 53.54
Daily Fibonacci 61.8% 53.8
Daily Pivot Point S1 52.85
Daily Pivot Point S2 52.45
Daily Pivot Point S3 51.77
Daily Pivot Point R1 53.93
Daily Pivot Point R2 54.61
Daily Pivot Point R3 55.01




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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD below 1.1200 on Draghi's dovishness, amid Trump-Xi meeting announcement

EUR/USD is trading below 1.1200 after ECB President Draghi opened the door to rate cuts. Presidents Trump and Xi will hold an extended meeting at the G-20 Summit. The news cheered markets.


GBP/USD hovers above 5-month lows ahead of Conservative leadership contest

GBP/USD is hovering above 1.2500, close to the five-month lows. Conservatives will vote in the second round of their leadership contest. Boris Johnson is set to win again.


USD/JPY rallies beyond mid-108.00s on Trump's positive comments

Trump said he will have an extended meeting with the Chinese President next week. This comes on the back of Draghi's dovish comments and triggers risk-on trade. Fading safe-haven demand weighs heavily on the JPY and remained supportive.


Gold surges through $1350 level, back closer to 14-month tops

Gold built on its strong intraday positive momentum and spiked to fresh session tops, beyond the $1350 level during the early North-American session.

Gold News

Fed Preview: Proto-easing

Fed Funds 2.25%-2.50% target range predicted to be unchanged. Market expecting confirmation of easing bias into the second half. FOMC statement wording, especially "patient" and the economic projections important.

Read more