WTI fades the spike above $74.00 post-EIA

Crude oil prices remain negative for the day despite EIA report.
WTI extends the consolidative theme so far this week.
US crude oil inventories dropped by more than 12.0 mbpd last week.

Pablo Piovano FXStreet

Prices of the barrel of the American reference for the sweet light crude oil are trading in 2-day lows despite the auspicious figures from the latest EIA report on crude oil stockpiles.

WTI briefly tests $74.00 on EIA

Prices of the West Texas Intermediate are receding from the previous bull run to levels above the $74.00 mark per barrel despite the EIA reported the largest draw since 2016.

In fact, the EIA reported that US crude oil supplies decreased by 12.633 mbpd during last week, more than initially forecasted.

Furthermore, Weekly Distillate Stocks rose by 4.125 mbpd and Gasoline stockpiles decreased by 0.694 mbpd, below initial estimates.

In addition, inventories at Cushing shrunk by 2.062 mbpd, adding to last week’s 2.113 mbpd drop.

In the meantime, crude oil prices are extending the sideline theme this week, as traders remain cautious over the increasing jitters on the US-China trade front and potential retaliatory measures by China.

Later in the week, Baker Hughes will publish its weekly report on the US drilling activity.

WTI significant levels

At the moment the barrel of WTI is down 1.71% at $73.03 and a breakdown of $72.81 (low Jul.11) would target $72.62 (low Jul.6) and finally $70.43 (21-day sma). On the other hand, the next hurdle is located at $75.34 (2018 high Jul.4) seconded by $77.95 (high Nov.21 2014) and then $79.92 (high Nov.8 2014).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD keeps the rangebound trade near 1.1850

EUR/USD is still under pressure, drifting back towards the 1.1850 area as Monday’s session draws to a close. The modest decline in spot comes as the US Dollar picks up a bit of support, while thin liquidity and muted volatility, thanks to the US market holiday, are exaggerating price swings and keeping trading conditions choppy.

GBP/USD trades with negative bias, eyes 1.3600 ahead of UK jobs data

The GBP/USD pair trades with a negative bias for the second straight day, though it lacks bearish conviction and holds above the 1.3600 mark through the Asian session on Tuesday. Traders now look forward to the release of the UK monthly jobs report, which will influence the British Pound and provide some impetus to the currency pair.

Gold sticks to a negative bias below $5,000; lacks bearish conviction

Gold remains depressed for the second consecutive day and trades below the $5,000 psychological mark during the Asian session on Tuesday, as a positive risk tone is seen undermining safe-haven assets. Meanwhile, bets for more interest rate cuts by the Fed keep a lid on the recent US Dollar bounce and act as a tailwind for the non-yielding bullion, warranting caution for bearish traders ahead of FOMC minutes on Wednesday.

AI Crypto Update: Bittensor eyes breakout as AI tokens falter

The artificial intelligence (AI) cryptocurrency segment is witnessing heightened volatility, with top tokens such as Near Protocol (NEAR) struggling to gain traction amid the persistent decline in January and February.

US CPI is cooling but what about inflation?

The January CPI data give the impression that the Federal Reserve is finally winning the war against inflation. Not only was the data cooler than expected, but it’s also beginning to edge close to the mystical 2 percent target. CBS News called it “the best inflation news we've had in months.”

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.