WTI holds $ 66 mark amid Syria strikes and US rigs data

Cautious tone persists after the Western strikes on Syria and amid bearish US drilling report.
Will a weaker DXY help cushion the downside in oil prices?

Dhwani Mehta FXStreet

WTI (oil futures on NYMEX) is seen attempting a tepid recovery from just ahead of the $ 66 threshold, after having run into strong offers near $ 66.85 on the European open, as broad-based US dollar weakness offers some respite to the bulls.

The weakness around the higher-yielding black gold is mainly driven by the risk-averse markets conditions, resulted from the weekend’s US-led coordinated strikes on Syria’s three chemical weapons facilities in Syria, as the West retaliated for a suspected poison gas attack in Douma on April, 7^th.

Moreover, Friday’s bearish US rigs count data published by energy services firm Baker Hughes, also exacerbated the pain in the barrel of WTI. The US energy companies added seven oil rigs drilling for new production in the week to April 13, bringing the total to 815, the highest since March 2015, Reuters reports.

Looking ahead, rising geopolitical tensions between the Middle East and the US will continue to drive the oil-price trends. Meanwhile, the US weekly crude supplies data and USD dynamics could also have a major bearing on the prices.

WTI Technicals

At $ 66.40, the next resistances are aligned at $ 66.86/96 (stiff resistances/ 5-DMA), $ 67.29 (daily pivot) and $ 67.55 (classic R1/ Fib R1). To the downside, supports are located at $ 66 (Apr 12 low), $ 65.15 (10-DMA/ Apr 11 low) and 64.50 (psychological levels).

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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