WTI jumps 2% to test $ 53, eyes on EIA data

Increased odds of US-China trade deal boosts risk appetite as well as oil.
Libyan supply disruption concerns, OPEC output cuts buoy the prices.
All eyes on the US EIA crude stockpiles data for fresh direction.

Dhwani Mehta FXStreet

WTI (oil futures on NYMEX) caught a fresh bid wave and broke the consolidative mode to the upside, as the bulls cheer the improved risk sentiment, fuelled by the increased odds of the US-China trade deal that lifted the sentiment around the higher-yielding oil.

Moreover, expectations that the OPEC oil output cuts would stabilize the oil markets combined with concerns over the Libyan supply disruption continue to buoy the prices. Disruptions to Libyan crude exports was due to the local militia seizure of the country’s biggest oilfield, El Sharara.

Attention now remains towards the US weekly crude stockpiles data published by the Energy and Information Administration (EIA) at 1530 GMT, which will offer a fresh direction to the prices.

WTI Technical Levels

WTI

Overview:
    Today Last Price: 52.1
    Today Daily change: 8.0 pips
    Today Daily change %: 0.154%
    Today Daily Open: 52.02
Trends:
    Previous Daily SMA20: 52.32
    Previous Daily SMA50: 59.36
    Previous Daily SMA100: 64.89
    Previous Daily SMA200: 66.91
Levels:
    Previous Daily High: 52.06
    Previous Daily Low: 51.89
    Previous Weekly High: 54.2
    Previous Weekly Low: 50.57
    Previous Monthly High: 63.92
    Previous Monthly Low: 49.64
    Previous Daily Fibonacci 38.2%: 52
    Previous Daily Fibonacci 61.8%: 51.95
    Previous Daily Pivot Point S1: 51.92
    Previous Daily Pivot Point S2: 51.82
    Previous Daily Pivot Point S3: 51.75
    Previous Daily Pivot Point R1: 52.09
    Previous Daily Pivot Point R2: 52.16
    Previous Daily Pivot Point R3: 52.26

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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