WTI fails to hold above $64 after EIA's weekly crude oil stock report

  • EIA reports a decline in the U.S. crude oil stocks.
  • Russia's Novak says too soon to be talking about a possible OPEC+ deal.
  • Upbeat data from China eases concerns over demand outlook.

After slumping to a fresh daily low of below $64 in the early NA session, the barrel of West Texas Intermediate staged a modest rebound following the Energy Information Administration's weekly crude oil stock data but struggled to preserve its momentum. As of writing, the WTI was down 0.6% on the day at $63.90.

The EIA today reported that crude oil stocks in the week ending April 12 decreased by 1.4 million barrels compared to analysts' expectation for an increase of 7.3 million barrels. "Gasoline production decreased last week, averaging 9.9 million barrels per day. Distillate fuel production decreased last week, averaging 4.8 million barrels per day," the EIA further added in its publication," to provide a short-lasting boost to crude oil prices.

Earlier in the day, the upbeat retail sales and industrial production data from China helped ease concerns over the oil demand from the world's biggest oil consumer weakening amid an economic slowdown and helped the WTI gain traction in the first half of the day.

On the other hand, Russian Energy Minister Alexander Novak said that it was too soon to talk about the possible options for an OPEC+ deal and said that he was expecting the final decision to be taken in June, keeping crude oil's gains under check.

Technical levels

WTI

Overview
Today last price 64.13
Today Daily Change -0.32
Today Daily Change % -0.50
Today daily open 64.45
 
Trends
Daily SMA20 61.94
Daily SMA50 58.58
Daily SMA100 54.75
Daily SMA200 60.66
Levels
Previous Daily High 64.49
Previous Daily Low 63.14
Previous Weekly High 64.71
Previous Weekly Low 63.17
Previous Monthly High 60.78
Previous Monthly Low 54.79
Daily Fibonacci 38.2% 63.97
Daily Fibonacci 61.8% 63.66
Daily Pivot Point S1 63.56
Daily Pivot Point S2 62.68
Daily Pivot Point S3 62.21
Daily Pivot Point R1 64.91
Daily Pivot Point R2 65.38
Daily Pivot Point R3 66.26

 

 

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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD steady around 1.1240 in ultra-thin holiday's trading

The EUR/USD pair bounced some 20 pips from its weekly low during the Asian session, now mute around 1.1240 with most market's off today. Softer-than-expected US housing data passed unnoticed.

EUR/USD News

GBP/USD battling around 1.3000

The GBP/USD pair is heading nowhere fast after bottoming for the week at 1.2978, amid lack of progress in Brexit negotiations.  Encouraging UK data failed to trigger Pound's demand.

GBP/USD News

USD/JPY: On track to close in the middle of its 50-pip weekly range below 112

The USD/JPY pair remains frozen below the 112 handle in the NA session and there is no reason for it to make a meaningful move as investors are already enjoying the Easter holiday.

USD/JPY News

The Tale of the Prosperous Consumer-US Retail Sales

American consumers asserted the right to spend in a grand fashion in March boosting retail sales to the fastest expansion in 18 months as the booming job market put the shutdown marked holiday season to rest.

Read more

Gold Forecast: Eyes 8-month rising trendline after weakest weekly close since December

The troy ounce of the precious metal lost around $17 this week and now looks to record its lowest weekly close since the end of December near $1275.

Gold News

majors

Cryptocurrencies

Signatures


  •  
  •  
  •  
  •  
  •