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.

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

 

 

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