WTI drops to 2-week lows near $37.50, looks to data

Prices of the WTI grinds lower to the $37.20 region.
Sentiment remains sour after Trump tested for coronavirus.
US Nonfarm Payrolls coming up next in the docket.

Pablo Piovano FXStreet

Prices of the barrel of the WTI dropped further at the end of the week and printed fresh 2-week lows in the $37.20 zone.

WTI looks to data, sentiment

Prices of the barrel of the American reference for the sweet light crude oil prolonged the correction lower on Friday after President Trump tested positive for coronavirus following Tuesday’s presidential debate.

In the meantime, demand fears continue to keep crude oil prices depressed so far this week despite inventories in the US continue to shrink, as per recent weekly reports from the API (Tuesday) and the EIA (Wednesday).

Later in the session, US Nonfarm Payrolls for the month of September will be in the limelight along with the U-Mich index. In the crude oil space, driller Baker Hughes will release its weekly oil rig count.

WTI significant levels

At the moment the barrel of WTI is losing 2.63% at $37.52 and a breach of $36.15 (monthly low Sep.8) would expose $34.38 (low Jun.15) and then $31.16 (low May 28). On the other hand, the next up barrier aligns at $41.46 (weekly high Sep.18) seconded by $43.75 (monthly high Aug.26) and finally $48.64 (monthly high Mar.3).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

GBP/USD drops to multi-week lows below 1.3300

GBP/USD sets aside Friday’s uptick and breaches below the 1.3300 yardstcik on Monday to hit new multi-week troughs. Falling crude oil prices following a pause in the Middle East conflict in combination with the recent soft reading in UK inflation appear to play against any BoE tightening ahead of the bank’s event later in the week.

EUR/USD meets support near 1.1370

EUR/USD fades the initial bull run past 1.1400 the figure, deflating toward the 1.1370 zone on Monday. That said, the pair reverses two daily drops in a row on the back of the irresolute price action in the US Dollar, at the time when investors continue to closely follow developments from the Middle East conflict. Next on tap is the release of the US Consumer Confidence gauge by the Conference Board.

Gold eyes $4,050 on bullish USD as traders look to FOMC policy meeting

Gold slides back closer to $4,050 during the Asian session on Tuesday amid a bullish US Dollar. The downside seems limited as traders might opt to wait for the outcome of a two-day FOMC policy meeting on Wednesday. Furthermore, a pause in US-Iran hostilities led to a slump in crude oil prices, easing inflationary concerns and tempering bets for Fed rate hikes. This holds back the USD bulls from placing aggressive bets and should act as a tailwind for the non-yielding bullion.

Ethereum: BitMine buys back over 6 million shares, scoops 10K ETH

Ethereum treasury firm BitMine Immersion Technologies increased its share buybacks last week while scooping extra tokens into its ETH stash. The Las Vegas-based firm bought back 6.1 million shares of its common stock last week, following a 5.5 million share purchase the prior week.

Neither Hormuz nor Oil at $120: Why Japanese bond yields are the real market threat

While geopolitical headlines continually send traders rushing to the Oil charts, history shows that the biggest market moves often begin when liquidity disappears, not when crude spikes. Rising bond yields, particularly in Japan and Switzerland, threaten to trigger the unwinding of one of the largest leveraged trades in financial history.

US Dollar mid-year outlook: Exceptional currency, exceptional risks?

The US Dollar enters the second half of 2026 in a markedly different position from a year ago. The King currency has recovered, reflecting persistent US inflation, changing expectations for Fed policy, geopolitical tensions and renewed demand for defensive assets.