WTI flirts with 2-month tops sub-$ 50.50, API data eyed

Dhwani Mehta FXStreet

Having booked the best month so far this year, oil futures on NYMEX kicked-off August on the firmer footing and now consolidate yesterday’s massive rally ahead of the API crude stockpiles data.

WTI: $ 51 mark on sight

The bulls are bidding up for the next leg higher, as the sentiment remains buoyed by strengthening US fuel demand, especially higher gasoline demand, and falling US inventories.

Moreover, analysts call for more upside risks looming for the US oil, in light of the latest US oil-related sanctions against Venezuela, following Venezuela's Sunday election, which Washington denounced as a "sham."

Meanwhile, oil markets shrugged-off latest headlines citing the OPEC exports have risen in July to 26.68 million bpd.

All eyes now remain on the US weekly API crude inventory report due later today, which will help confirm whether the resurgence in the US oil demand is not temporary. At the time of writing, WTI trades +0.40% higher at $ 50.38 while Brent rises +0.21% to $ 52.84.

WTI technical levels

The resistances are aligned at $ 50.50 (psychological levels), $ 51.06 (May 22 high), and $ 51.79 (May 23 high) while supports are located at $ 49.89 (200-DMA), $ 49 (round figure), $ 48.37 (10-DMA).

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

GBP/USD extends the drop to 1.3360

GBP/USD builds on Monday’s decline and briefly clinches five-day lows near 1.3360 on Tuesday. Cable’s extra pullback follows the better tone in the Greenback as uncertainty in the Middle East prompts investors to adopt a cautious stance. Meanwhile, an apathetic UK labour market report also collaborates with the selling pressure on the British Pound.

EUR/USD looks inconclusive near 1.1420

EUR/USD trades in a tight range in the low 1.1400s on Tuesday, struggling to gain momentum amid an equally absence of clear direction in the US Dollar (USD). Uncertainty surrounding the US-Iran conflict is capping the pair’s upside, while traders avoid taking significant positions ahead of Thursday’s ECB gathering.

Gold shows signs of life; focus is back to $4,100

Gold gains ground on Tuesday, reversing Monday’s pessimism and advancing toward the $4,100 mark per troy ounce. Nevertheless, uncertainty surrounding the Middle East conflict and rising expectations for a hawkish Fed policy outlook are expected to limit the precious metal’s bullish momentum in the near term.

XRP extends recovery as on-chain activity grows

Ripple (XRP) ticks up and trades around $1.13 at the time of writing on Tuesday. This rebound aligns with a broader recovery in the cryptocurrency market, attributed to reports that mediators between the United States (US) and Iran are seeking a 10-day cessation of strikes to find a way back to the signed Memorandum of Understanding (MoU).

The Iranian war has again risen

The Iranian war has again risen to the top of the economics factor list. There is no end in sight. Intelligence experts say the current level of offense/retaliation will not change minds in Tehran, while in Washington, Trump fears all-out war, which would mean boots on the ground.

US Dollar mid-year outlook: Exceptional currency, exceptional risks?

The US Dollar enters the second half of 2026 in a markedly different position from a year ago. The King currency has recovered, reflecting persistent US inflation, changing expectations for Fed policy, geopolitical tensions and renewed demand for defensive assets.