WTI holds above $58 in Asia after snapping six-day losing streak


  • WTI is lacking a clear directional bias in Aia
  • Surprise US inventory build-up and record output could keep gains, if any, under check. 

West Texas Intermediate (WTI) oil is trading above the $58 handle in Asia. 

The black gold witnessed two-way business on Tuesday and ended the day with marginal gains, snapping the six-day losing streak – the longest since October. 

Surprise US inventory buildup

The American Petroleum Insitute (API) on Tuesday reported an oil inventory estimate of 1.1 million barrels for the week ending January 10, contradicting analyst expectations of a 474,000-barrel draw in inventory.

Record US output

US oil production stayed at a record high of 12.9 million barrels per day during the week ended Jan. 3, The Energy Information Administration reported Tuesday. 

As a result, oil prices, which had recovered to levels above $58.50 from $57.75, fell back to $58.00. 

Both the weekly inventory build-up and record US output could continue to cap gains in the black gold. 

That said, a temporary bounce to the descending 5-day average at $58.59 cannot be ruled out, as Tuesday's Doji candle is reporting seller exhaustion. 

Technical levels

WTI

Overview
Today last price 58.1
Today Daily Change -0.04
Today Daily Change % -0.07
Today daily open 58.14
 
Trends
Daily SMA20 60.81
Daily SMA50 58.92
Daily SMA100 57.18
Daily SMA200 57.82
 
Levels
Previous Daily High 58.73
Previous Daily Low 57.75
Previous Weekly High 65.67
Previous Weekly Low 58.69
Previous Monthly High 62.38
Previous Monthly Low 55.41
Daily Fibonacci 38.2% 58.36
Daily Fibonacci 61.8% 58.12
Daily Pivot Point S1 57.68
Daily Pivot Point S2 57.23
Daily Pivot Point S3 56.7
Daily Pivot Point R1 58.66
Daily Pivot Point R2 59.19
Daily Pivot Point R3 59.64

 

 

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