• WTI’s two-day rebound falters on the downbeat IEA report.
  • WTI traders weigh US policy on oil output and the latest EIA data.
  • The US oil awaits a fresh catalyst to revive the bullish momentum.

WTI (futures on NYMEX) stalls its two-day uptrend and holds steady around the $69 mark, as markets weigh in the latest report from the International Energy Agency (IEA) and US output policy.

The US oil is alternating between gains and losses, with the recent upside losing momentum after the IEA slashed the global oil demand outlook for the rest of this year due to the spread of the COVID-19 Delta variant.

Meanwhile, the White House calling on the major producers to boost output re-ignited supply concerns and kept a lid on WTI’s upside.

However, the downside remains capped amid a broadly weaker US dollar, as softer CPI data faded Fed’s tapering expectations. A weaker greenback offers support to the dollar-denominated oil.

WTI technical outlook

“Clear trading above $69.00 becomes necessary for the oil buyers to aim for 200-SMA near $71.40. During the rise, the $70.00 threshold may offer an intermediate halt. Alternatively, the commodity’s further declines will aim to retest the previous resistance line around $68.10, a break of which will direct WTI sellers to the short-term support line near $66.80,” FXStreet’s Analyst, Anil Panchal notes.

WTI additional levels

WTI

Overview
Today last price 69.22
Today Daily Change -0.07
Today Daily Change % -0.10
Today daily open 69.19
 
Trends
Daily SMA20 70.04
Daily SMA50 71.33
Daily SMA100 67.29
Daily SMA200 59.78
 
Levels
Previous Daily High 69.22
Previous Daily Low 66.5
Previous Weekly High 73.54
Previous Weekly Low 67.36
Previous Monthly High 76.4
Previous Monthly Low 64.99
Daily Fibonacci 38.2% 68.18
Daily Fibonacci 61.8% 67.54
Daily Pivot Point S1 67.39
Daily Pivot Point S2 65.58
Daily Pivot Point S3 64.66
Daily Pivot Point R1 70.11
Daily Pivot Point R2 71.03
Daily Pivot Point R3 72.83

 

 

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD struggles to gather momentum, stays near 1.0350

EUR/USD struggles to gather momentum, stays near 1.0350

EUR/USD is having a difficult time gathering bullish momentum and fluctuating at around 1.0350 in the American session. With Wall Street's main indexes pushing lower after the opening bell, the US Dollar is gathering strength and not allowing the pair to gain traction.

EUR/USD News

GBP/USD falls below 1.2000 as mood sours

GBP/USD falls below 1.2000 as mood sours

GBP/USD has turned south and declined below 1.2000 in the second half of the day on Tuesday. The negative shift witnessed in risk sentiment seems to be helping the US Dollar find demand and forcing the pair to stay on the back foot.

GBPUSD News

Gold retreats to $1,750 area as US yields edge higher

Gold retreats to $1,750 area as US yields edge higher

Gold price lost its traction during the American trading hours and retreated to the $1,750 area. The benchmark 10-year US Treasury bond yield is up 1% on the day slightly above 3.7%, not allowing XAU/USD to build on earlier gains.

Gold News

Bitcoin price hears jingle bells rolling in

Bitcoin price hears jingle bells rolling in

Bitcoin price looks set to rally substantially higher now that the social unrest in China is calming down. BTC could stage a 17% rally in the coming week.

Read more

Alibaba shares advance 5% on reduced China covid restrictions

Alibaba shares advance 5% on reduced China covid restrictions

BABA stock has jumped more than 5.2% in Tuesday’s premarket to $80 after China's National Health Commission said covid-related lockdowns should end as soon as possible. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures