- WTI flirts with intraday low, seesaws around seven-year high.
- Weekly API inventory data came in higher-than-expected, firmer USD also probe oil buyers.
- EIA data, US Durable Goods Orders will direct short-term moves ahead of US GDP.
WTI crude oil remains pressured around $83.80, down 0.30% on a day during Wednesday’s Asian session. The black gold cheered risk-on mood the previous day before the API stockpile figure joined firmer USD to trigger a pullback.
Weekly Crude Oil Stock data from the American Petroleum Institute (API) rose past 1.65M expected to 2.318M previous readouts for the period ended on October 22. The private inventory numbers were still lower than the previous build of the 3.294M.
In addition to the inventory build, cautious mood ahead of the key US data/events, as well as an absence of major news in Asia, also weigh on the WTI prices. It should be noted, however, that the recently better economics from the US and stronger inflation expectations keep a lid on the energy benchmark.
On Tuesday, the US CB Consumer Confidence unexpectedly recovered in October while figures concerning New Home Sales for September and Richmond Fed Manufacturing Index for the last month also flashed better-than-forecast numbers. Further, the US inflation expectations, as measured by the 10-year breakeven inflation rate per the St. Louis Federal Reserve (FRED) data jumped to the highest levels last seen during May 2006 by the end of Tuesday’s North American session.
Contrasting to the US data and reflation fears, the Wall Street benchmarks tease record tops and the US 10-year Treasury yields stay depressed ahead of the key US advance Q3 GDP.
In addition to the US GDP data, today’s Durable Goods Orders for September, expected -1.1% versus +1.8% prior, as well as the weekly official inventory figures from the Energy Information Administration (EIA), expected 1.65M versus -0.431M prior, will also entertain the oil traders. Furthermore, chatters surrounding geopolitical tension between the US and Iran join the fears of supply outage and increasing energy demand as global economies bounce back from the pandemic-led activity restrictions should be watched carefully for fresh impulse.
Unless declining back below a five-week-old support line, around $82.70 by the press time, WTI buyers remain hopeful.
Additional important levels
|Today last price||83.79|
|Today Daily Change||0.39|
|Today Daily Change %||0.47%|
|Today daily open||83.4|
|Previous Daily High||84.98|
|Previous Daily Low||83.07|
|Previous Weekly High||83.92|
|Previous Weekly Low||80.61|
|Previous Monthly High||76.51|
|Previous Monthly Low||67.02|
|Daily Fibonacci 38.2%||83.8|
|Daily Fibonacci 61.8%||84.25|
|Daily Pivot Point S1||82.65|
|Daily Pivot Point S2||81.91|
|Daily Pivot Point S3||80.75|
|Daily Pivot Point R1||84.56|
|Daily Pivot Point R2||85.72|
|Daily Pivot Point R3||86.46|
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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.