WTI inches higher in easing of lockdowns


  • Lockdowns continue to ease and oil demand is on the up.
  • Bulls are looking to a run towards the $70 handle.

Oil prices were on the bid on Tuesday, buoyed as more US states eased lockdowns and the European Union sought to attract more travellers, which would help offset weakened fuel demand in India as COVID-19 cases soar.

At the time of writing, WTI is trading at $65.73 travelling between a low of $64.32 and a high of $65.82.

The price is up almost 2% at the time of writing. 

US West Texas Intermediate futures also rose 14 cents, or 0.2%, to $64.63 a barrel, after gaining 1.4% on Monday.

Later today, traders will be watching out for reports on crude and product stockpiles from the American Petroleum Institute on Tuesday and the US Energy Information Administration on Wednesday.

Meanwhile, Libyan woes are easing and Iran is inching towards a negotiated agreement and OPEC+ sticking to their cautious unwinding.

However, analysts at TD Securities said ''the powerful recovery in key markets is outweighing supply-side concerns. ''

''n this context, crude prices can overshoot to the upside in the near-term, but a still massive amount of OPEC+ spare capacity makes a sustainable move above $70/bbl unlikely.''

Elsewhere, stocks have been trading defensively amid declines in technology stocks and comments from US Treasury Secretary Janet Yellen that the Fed may need to raise interest rates somewhat to prevent the economy from overheating. 

There will be a focus on this week's Nonfarm Payrolls for further clues on how the US economic recovery is holding up. 

WTI

Overview
Today last price 65.71
Today Daily Change 1.25
Today Daily Change % 1.94
Today daily open 64.46
 
Trends
Daily SMA20 61.97
Daily SMA50 62.06
Daily SMA100 57.35
Daily SMA200 49.34
 
Levels
Previous Daily High 64.62
Previous Daily Low 62.88
Previous Weekly High 65.4
Previous Weekly Low 60.64
Previous Monthly High 65.4
Previous Monthly Low 57.66
Daily Fibonacci 38.2% 63.96
Daily Fibonacci 61.8% 63.55
Daily Pivot Point S1 63.35
Daily Pivot Point S2 62.24
Daily Pivot Point S3 61.61
Daily Pivot Point R1 65.09
Daily Pivot Point R2 65.73
Daily Pivot Point R3 66.84

 

 

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

Are you new to trading or have been trading for a while and you feel stuck?

Try with us!
Become Premium!
   

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD skyrockets to 1.2150 on poor US jobs figures

EUR/USD has hit a new multi-month peak above 1.2150 after the US reported an increase of only 266,000 jobs in April against nearly one million expected. The dollar is under immense pressure. 

EUR/USD News

GBP/USD soars toward 1.40 after disappointing Nonfarm Payrolls

GBP/USD has been extending its gains after the US Nonfarm Payrolls badly disappointed with an increase of only 266,000 jobs in April, nearing 1.40. Earlier, sterling benefited from the UK Conservative Party's gains in local elections. 

GBP/USD News

XAU/USD soars above $1,835 after weak Nonfarm Payrolls

Gold has leaped above $1,835 after the US reported an increase of only 266K jobs in April, far below expectations. Lower US yields support the precious metal.

Gold News

Judge reaffirms order SEC must produce documents on Bitcoin, Ether and XRP in Ripple case

Ripple's victory granted the firm access to the SEC's documents on the three leading cryptocurrencies. The regulatory agency recently denied the possession of these documents.

More Dogecoin News

S&P 500 and Nasdaq: Can the Fed pump anymore after weak jobs report

Well, that was an interesting jobs report. Not too many people were forecasting that one. Just in case you missed it NFP were forecast to come in around the 1 million jobs gained but instead the US only added 266k.

Read more

Forex MAJORS

Cryptocurrencies

Signatures