WTI jumps 3.5% to $ 53 on Gulf of Oman oil tanker explosion


  • Oil rebounds after incident in Gulf of Oman, ‘explosions’ affect two oil tankers
  • Dead cat bounce amid US-China trade concerns, swelling US inventories?

WTI (futures on Nymex) caught a fresh bid-wave in the European trading this Thursday, quickly reversing Wednesday’s 4% drop, as the buyers cheered fresh supply disruption risks arising from the oil tanker explosion in the Gulf of Oman.

According to the latest reports, an incident occurred in the Gulf of Oman after two oil tankers exploded. This comes a month after an attack on four oil tankers off the UAE in the Gulf of Oman.

However, it remains to be seen If the prices can sustain the relief rally, as the sentiment remains weighed down by the Hong Kong protests over the extradition bill and escalating US-China trade war, as the US President Trump is prepared to impose higher tariffs on additional $ 325 billion worth of the Chinese goods.

Moreover, the global demand growth forecast downgrade by the EIA combined with an unexpected rise in the US crude stockpiles could also keep the bounce shallow. Markets will continue to eye further updates on the Gulf of Oman incident and trade developments for fresh cues on the prices.

At the press time, the US oil fades an uptick above the 53 handle to trade near 52.50 levels, still up +2.60? on the day.

WTI Technical Levels

WTI

Overview
Today last price 52.50
Today Daily Change 1.59
Today Daily Change % 3.10
Today daily open 51.29
 
Trends
Daily SMA20 57.06
Daily SMA50 60.85
Daily SMA100 58.82
Daily SMA200 59.01
Levels
Previous Daily High 53.27
Previous Daily Low 50.94
Previous Weekly High 54.68
Previous Weekly Low 50.72
Previous Monthly High 63.97
Previous Monthly Low 53.13
Daily Fibonacci 38.2% 51.83
Daily Fibonacci 61.8% 52.38
Daily Pivot Point S1 50.4
Daily Pivot Point S2 49.5
Daily Pivot Point S3 48.07
Daily Pivot Point R1 52.73
Daily Pivot Point R2 54.16
Daily Pivot Point R3 55.06

 

 

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

Latest Forex News


Latest Forex News

Editors’ Picks

AUD/USD bounces back above 0.7650 amid risk-recovery

AUD/USD extends the bounce above 0.7650, as the risk sentiment recovers amid retreating US Treasury yields, which put a check on the US dollar's rally. The aussie cheers upbeat NAB Business Survey while shrugging off the sell-off in iron-ore prices. 

AUD/USD News

Cardano price looks primed to breakout to new all-time highs

Cardano advances unabated on its path towards decentralization. The so-called “Ethereum killer” will reach 100% decentralization by the end of March.  ADA price is holding key support at $1.10 as volume remains light.

Read more

Gold looks to regain $1,700 as US Treasury yields drop

Gold consolidates recent losses from nine-month low flashed the previous day. US stimulus may arrive on Wednesday, US 10-year Treasury yields snap four-day winning streak. Risks remain mildly bid, US dollar refreshes highest levels since Nov 2020.

Gold News

GBP/USD attempts a bounce around 1.3850 amid improving mood

GBP/USD trades close to 1.3850, staging an impressive bounce from 1.38 amid a rebound in the risk sentiment and a drop in the US Treasury yields. 50-day SMA offers immediate support, monthly top adds to the upside barriers.

GBP/USD News

US Dollar Index eyes minor pullback after four-day winning run

The dollar index (DXY) has retreated from the session high of 92.50 to 92.40. The pullback may be extended further as the hourly chart Relative Strength Index (RSI) shows a bearish divergence. It occurs when an indicator charts lower highs contradicting higher highs on the price chart and often paves the way for pullbacks. 

US Dollar Index News

Forex MAJORS

Cryptocurrencies

Signatures