WTI drops to test $ 52 mark as global growth worries resurface

Oil back in the red on rising global economic slowdown risks amid trade.
Gulf tanker tensions and OPEC+ output cut extension talks could limit the losses.

Dhwani Mehta FXStreet

WTI (futures on Nymex) stalled it two-day recovery momentum and fell back into the red zone this Monday, as global economic slowdown worries regained market attention amid escalating global trade war.

Markets continue to remain wary about a potential US-China trade resolution while the latest retaliatory tariffs announced by Indian on 28 American products also continue to undermine investors’ sentiment.

However, the downside appears cushioned amid rife Middle-East tensions after two oil tankers were attacked last Thursday and the US suspected Iran behind the tensions, triggering a fresh round of risk-aversion across the board.

Moreover, the recent comments by the Saudi Arabian Energy Minister Al-Falih, backing the case for the OPEC output cuts policy extension, could also offer some support to the bulls. “We are hoping that we will reach consensus to extend our agreement when we meet in two weeks’ time in Vienna,” Al-Falih noted.

The focus now remains on the trade developments and the US weekly crude supply reports for the next direction on the prices.

WTI Technical Levels

WTI

Overview
Today last price	52.22
Today Daily Change	-0.27
Today Daily Change %	-0.51
Today daily open	52.75

Trends
Daily SMA20	56.01
Daily SMA50	60.44
Daily SMA100	58.8
Daily SMA200	58.83

Levels
Previous Daily High	53.25
Previous Daily Low	51.94
Previous Weekly High	54.94
Previous Weekly Low	50.94
Previous Monthly High	63.97
Previous Monthly Low	53.13
Daily Fibonacci 38.2%	52.75
Daily Fibonacci 61.8%	52.44
Daily Pivot Point S1	52.04
Daily Pivot Point S2	51.34
Daily Pivot Point S3	50.73
Daily Pivot Point R1	53.35
Daily Pivot Point R2	53.96
Daily Pivot Point R3	54.66

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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