WTI extends pullback below $84.00 on higher API inventories, EIA data eyed


  • 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.

Technical analysis

Unless declining back below a five-week-old support line, around $82.70 by the press time, WTI buyers remain hopeful.

Additional important levels

Overview
Today last price 83.79
Today Daily Change 0.39
Today Daily Change % 0.47%
Today daily open 83.4
 
Trends
Daily SMA20 79.48
Daily SMA50 73.26
Daily SMA100 72.26
Daily SMA200 66.87
 
Levels
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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD eases below 1.1300 amid firmer yields, Fed’s Powell eyed

EUR/USD remains pressured towards 1.1250, reversing 2021’s biggest daily gains as the US dollar rebounds with the Treasury yields. Global scientists, policymakers placate fears of Omicron even as national border checks return to the table. German inflation, central bankers’ speeches eyed.

EUR/USD News

GBP/USD remains vulnerable below 1.3350 amid USD strength, Brexit woes

GBP/USD is trading below 1.3350, lacking any firm directional bias heading into the European session. Renewed USD buying acts as a headwind for the major amid Brexit and covid-related uncertainties. Expectations for a BoE rate hike limit the downside.

GBP/USD News

Gold faces a wall of resistance en-route $1,800

Gold price rebounds but not out of the woods yet while below $1,800. Omicron covid variant woes will continue to play out, impacting USD and gold.

Gold News

MATIC price eyes 15% advance as Uniswap prepares to migrate to Polygon

MATIC price recently swept the swing lows of a crucial barrier. This development comes as the cryptocurrency market recovers from the COVID-induced crash over the past three days.

Read more

Black Friday 2021 Discounts!

Do you want to take your trading skills to the next level? Now you have a chance of leaping forward at attractive introductory rates. For Black Friday, FXStreet is offering discounts of up to 50% on its upgraded Premium plans. 

Subscribe now!

Forex MAJORS

Cryptocurrencies

Signatures