WTI firmer, approaches $45.00 ahead of EIA, OPEC+

Prices of the WTI reverses the recent downside and target $45.00.
OPEC+ is expected to decide on the extension of current output cuts.
The EIA’s weekly report on crude oil supplies comes next in the docket.

Pablo Piovano FXStreet

Crude oil prices regain the smile after two daily pullbacks in a row and re-target the key $45.00 mark per barrel.

WTI looks to OPEC+, EIA

Prices of the barrel of the WTI post decent gains on Wednesday and trade closer to the $45.00 yardstick, as traders continue to wait for the OPEC+ to decide whether to extend the ongoing oil output curbs beyond January.

Hopes that the cartel finally delays its plans to gradually increase oil production support the optimism among traders and eclipse Tuesday’s larger-than-expected build in US crude oil stockpiles, as per the API’s report.

In the meantime, market chatter around the likelihood of further easing in the US monetary conditions under the Biden’s administration give some renewed oxygen to the commodity and help mitigate demand concerns stemming from the coronavirus pandemic.

Later in the NA session, the EIA’s report on US crude inventories will take centre stage ahead of Friday’s US oil rig count by driller Baker Hughes.

WTI significant levels

At the moment the barrel of WTI is up 0.90% at $44.78 and faces the next hurdle at $46.24 (monthly high Nov.25) seconded by $48.39 (monthly high Mar.4) and finally $54.45 (monthly high Feb.20). On the other hand, a breach of $43.94 (monthly low Dec.2) would expose $43.04 (high Nov.11) ahead of $40.12 (weekly low Nov.16).

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.

AUD/USD eyes 0.7150 barrier nine-day EMA

AUD/USD inches higher after registering modest losses in the previous day, trading around 0.7130 during the Asian hours. The technical analysis of the daily chart indicates that the pair is moving sideways within the rectangle pattern, suggesting a consolidation as neither the bulls nor the bears have enough momentum to take control of the market.

USD/JPY trades below 160.00 intervention threshold; bullish bias intact

The USD/JPY pair attracts some sellers during the Asian session amid fears that authorities will step in again to prop up the Japanese Yen. Furthermore, the Israel-Lebanon truce prompts some profit-taking around the US Dollar and exerts downward pressure on the currency pair.

Gold defends 200-day SMA at $4,425, but for how long?

Gold is attempting a tepid recovery toward $4,500 early Thursday, as renewed optimism in the Mideast geopolitical front calms market nerves. This cautious optimism across Asian markets weighs on Oil prices, and diminishes the US Dollar’s safe-haven appeal, helping Gold stage a decent comeback from the weekly low of $4,424.

Hyperliquid: ETF demand, capital rotation fuel HYPE rally as Bitcoin melts

Hyperliquid price sustains an upward trend near its all-time high of $75.76 on Thursday after posting 80% gains in May, while Bitcoin (BTC) retraces below $65,000, triggering a market-wide panic.

Kevin Warsh takes the Fed helm: What it means for the US Dollar

The Federal Reserve moves away from the highly predictable "forward guidance" model of the Jerome Powell era to a new “Kevin Warsh environment”, characterized by less communication, more policy surprises, and an increased focus on the Fed's complex balance sheet.

Recession on paper: What really moves the Canadian Loonie now?

Statistics Canada handed the headline writers a gift and the analysts a headache. Real GDP shrank 0.1% on an annualized basis in the first quarter, and with the fourth quarter of 2025 revised down to a 1.0% contraction, that is two negative quarters in a row, the textbook definition of a technical recession and Canada's first since the pandemic.