WTI hits one-week low at $39.55 after Baker Hughes’ report

  • WTI futures' reversal from $41 highs extends to one-week lows at $39.55.
  • US oil rigs increased by the sixth consecutive week, according to Baker Hughes.
  • Longer-term, crude prices remain moving in range around $40.

Front-month WTI futures’ reversal from day tops near $41 has extended to one-week lows at $39.55 on Friday after Baker Hughes reported that US oil and gas rigs increased to their highest level since May last week.

US oil rigs increased for the sixth week in a row

Oil prices have traded lower on Friday and are set for a weekly loss after having reached nearly two-month highs near $41 earlier this week. The release of the Baker Hughes report, stating that the number of US oil rigs increased for the sixth consecutive week, has not helped to stop the negative momentum on oil prices, which have depreciated nearly $1 so far today.

US oil drillers added six new rigs last week, to a total count of 211, in their sixth consecutive increment since having bottomed on mid-August. With crude prices steady around $40 during the last two months, oil producers seem to be restoring their production which was closed down during the first wave of the pandemic.

WTI prices remain sideways around $40

The daily chart shows WTI futures trading within a horizontal range between $39 and $42. On the downside, further decline below $39.55 session low would open the doors for the mentioned $39.00 (October 12 low) and below there, the 200-day SMA, at $37,50 might offer support.

On the upside, initial resistance would be at the confluence of the 50 and 100-day SMAS, around $40.40, and above here, $41 (October 22 high) and $42 (October 20 high).

Technical levels to watch


Today last price 39.88
Today Daily Change -0.80
Today Daily Change % -1.97
Today daily open 40.68
Daily SMA20 40.23
Daily SMA50 40.67
Daily SMA100 40.46
Daily SMA200 38.48
Previous Daily High 41.08
Previous Daily Low 39.78
Previous Weekly High 41.56
Previous Weekly Low 39.31
Previous Monthly High 43.56
Previous Monthly Low 36.43
Daily Fibonacci 38.2% 40.59
Daily Fibonacci 61.8% 40.28
Daily Pivot Point S1 39.94
Daily Pivot Point S2 39.21
Daily Pivot Point S3 38.64
Daily Pivot Point R1 41.25
Daily Pivot Point R2 41.82
Daily Pivot Point R3 42.55




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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD losses 1.1900 amid dollar’s comeback

EUR/USD has extended its gains, nearing 1.1950, but quickly turned negative now trading around 1.1880. The greenback recovers as equities fall as the market’s sentiment turns sour.


GBP/USD retreats from daily highs, holds around 1.3350

GBP/USD retreats from near 1.3400, partially undermined by Brexit woes but mostly on renewed dollar’s demand. Doubts arise about Chief EU Negotiator Barnier traveling to London.


XAU/USD trades with modest gains above $1810 level, lacks follow-through

A softer tone surrounding the USD assisted gold to gain some traction on Thursday. COVID-19 vaccine optimism might cap the upside for the safe-haven precious metal. Holiday-thinned liquidity warrants some caution before placing fresh directional bets.

Gold news

US Thanksgiving Wrap: Consumers carry October, November starts to look dicey

A triple dose of US data on Wednesday before the Thanksgiving holiday confirmed the strength of the consumer recovery even as employment problems again loom from the rising numbers of Covid-19 closures across the country.

Read more

Black Friday 2020 Discounts!

Learn to trade with the best! Don't miss the most experienced traders and speakers in FXStreet Premium webinars. Also if you are a Premium member you can get real-time FXS Signals and receive daily market analysis with the best forex insights!

More info