WTI heading back towards 2019 tops near $ 56.80, API data eyed

Buoyed by a fresh round of US-China trade talks and tightening supplies amid OPEC output cuts.
Will it take out 56.80/57.00 barrier ahead of API data as full markets return?

Dhwani Mehta FXStreet

WTI (oil futures on NYMEX) stalled its minor correction from three-month tops of 56.73 in Asia and from there the bulls regained poise, now driving the rates back towards the YTD highs.

The black gold is seen extending the bounce from just ahead of the 56 handle, despite mild risk-off action in the European markets, as the sentiment around oil remains underpinned by the increased hopes of the US-China trade resolution heading into a fresh round of US-China trade talks this week.

Meanwhile, collaborating to the upbeat tone in the barrel of WTI are the expectations of tighter oil markets led by the OPEC output cuts, which are already underway. Further, the US sanctions against petroleum exporters Iran and Venezuela also continue to offer support to the oil bulls.

The immediate focus now remains on the US weekly crude supplies data due on the cards later today at 2130 GMT as markets await the outcome of the US-Sino trade talks for the next direction on the prices.

WTI Technical Levels

Overview:
    Today Last Price: 56.37
    Today Daily change: 1 pips
    Today Daily change %: -0.02%
    Today Daily Open: 56.38
Trends:
    Daily SMA20: 53.95
    Daily SMA50: 51.31
    Daily SMA100: 55.74
    Daily SMA200: 62.82
Levels:
    Previous Daily High: 56.75
    Previous Daily Low: 56.13
    Previous Weekly High: 56.22
    Previous Weekly Low: 51.56
    Previous Monthly High: 55.48
    Previous Monthly Low: 44.52
    Daily Fibonacci 38.2%: 56.51
    Daily Fibonacci 61.8%: 56.37
    Daily Pivot Point S1: 56.09
    Daily Pivot Point S2: 55.8
    Daily Pivot Point S3: 55.47
    Daily Pivot Point R1: 56.71
    Daily Pivot Point R2: 57.04
    Daily Pivot Point R3: 57.33

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.

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