- Upside capped amid notable USD demand, supply glut worries and China slowdown fears.
- Attention turns towards the US retail sales report and rigs count data for fresh direction.
The recovery attempts in WTI (oil futures on NYMEX) failed once again near 52.70 levels, sending the rates back below the midpoint of the 52 handle, as the bears fight back control amid unabated broad US dollar demand and looming China slowdown concerns.
The greenback extends its move higher versus its main competitors, reaching fresh monthly tops near 97.60 levels, as sentiment sours across the European markets following dismal Euro area flash manufacturing PMI readings. Downbeat PMI reports from the Euroland added to global growth concerns, especially after China reported a sharp drop in its retail sales and industrial figures. Note that China is the world’s No.2 oil consumer.
Moreover, mounting oversupply concerns coupled with doubts whether the OPEC output cuts would be able to stabilize the oil markets continue to remain a drag on the prices. Meanwhile, the focus now shifts towards the US drilling sector activity report that will be published by Bakers and Hughes oilfield Services Company for further trading impetus.
WTI Technical Levels
WTI
Overview:
Today Last Price: 52.1
Today Daily change: 8.0 pips
Today Daily change %: 0.154%
Today Daily Open: 52.02
Trends:
Previous Daily SMA20: 52.32
Previous Daily SMA50: 59.36
Previous Daily SMA100: 64.89
Previous Daily SMA200: 66.91
Levels:
Previous Daily High: 52.06
Previous Daily Low: 51.89
Previous Weekly High: 54.2
Previous Weekly Low: 50.57
Previous Monthly High: 63.92
Previous Monthly Low: 49.64
Previous Daily Fibonacci 38.2%: 52
Previous Daily Fibonacci 61.8%: 51.95
Previous Daily Pivot Point S1: 51.92
Previous Daily Pivot Point S2: 51.82
Previous Daily Pivot Point S3: 51.75
Previous Daily Pivot Point R1: 52.09
Previous Daily Pivot Point R2: 52.16
Previous Daily Pivot Point R3: 52.26
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.
Recommended content
Editors’ Picks
USD/JPY holds positive ground around 151.50 following Japanese CPI data
The USD/JPY pair holds positive ground for the second consecutive day near 151.45 on Friday during the early Asian trading hours. The cautious approach from the Bank of Japan to keep monetary conditions accommodative exerts some selling pressure on the Japanese Yen.
AUD/USD buyers lack vigor above 0.6500 amid Good Friday trading lull
AUD/USD is trading listlessly above 0.6500 in the Asian session amid light trading on Good Friday. The Aussie pair shrugs off encouraging comments from China's FX regulator, as price action remains subdued ahead of the US PCE inflation data.
Gold price finishes Thursday’s session set to reach new all-time highs
Gold price rallied during the North American session on Thursday and hit a new all-time high of $2,225 in the mid-North American session. Precious metal prices are trending higher even though US Treasury yields are advancing, underpinning the Greenback.
Optimism price could fall as nearly $90 million worth of OP tokens is due flood markets
Optimism volatility has shrunk in the ours leading to the network’s cliff unlock. It joins the likes of dYdX and Sui, which have similar events on their calendars. As token unlocks are often considered bearish catalysts, investors should brace for a reaction after the event.
Bears have been standing before a steamroller so far this year
Despite a pushback on rate cuts from Christopher Waller, and what was supposed to be cautious trading sentiment ahead of critical US inflation data released later on Friday, the S&P 500 rose on Thursday, marking its best first-quarter performance in five years.