WTI keeps range around $ 52 mark ahead of API data


  • Divided between rising economic growth woes and Middle East tensions.
  • Focus on risk trends and US API crude stocks data for fresh direction.

WTI (futures on Nymex) extends its range trade around the 52 handle in the European session, unable to find a clear direction amid mixed market sentiment and ongoing Middle East tensions.

The higher-yielding oil finds support from the risk-on action in the European stocks and the US equity futures following the European Central Bank (ECB) Chief Draghi’s rate cut talks. Meanwhile, the looming tensions in the Middle-East, in the face of two oil tankers attacked last Thursday and the US suspecting Iran behind the attacks, continue to keep the downside cushioned.

However, any upside attempts lack follow-through amid mounting concerns over the global economic growth, dented by escalating US-China trade war.  Investors remain unnerved amid a sharp deterioration in the German business morale and falling inflation expectations across the globe.

Markets now eagerly await the US weekly crude stockpiles data due to be published by the American Petroleum Institute at 2030 GMT for fresh hints on the US supply-side scenario that could help determine the next direction in the prices.

WTI Technical Levels

WTI

Overview
Today last price 51.94
Today Daily Change -0.20
Today Daily Change % -0.38
Today daily open 52.14
 
Trends
Daily SMA20 55.46
Daily SMA50 60.19
Daily SMA100 58.8
Daily SMA200 58.73
Levels
Previous Daily High 53
Previous Daily Low 51.81
Previous Weekly High 54.94
Previous Weekly Low 50.94
Previous Monthly High 63.97
Previous Monthly Low 53.13
Daily Fibonacci 38.2% 52.26
Daily Fibonacci 61.8% 52.55
Daily Pivot Point S1 51.63
Daily Pivot Point S2 51.13
Daily Pivot Point S3 50.44
Daily Pivot Point R1 52.82
Daily Pivot Point R2 53.51
Daily Pivot Point R3 54.01

 

 

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

EUR/USD bounces off the lows as the market mood improves

EUR/USD is bouncing toward 1.18, recovering from the fall triggered by upbeat US jobs figures and escalating Sino-American tensions. Investors are eyeing the fiscal stimulus impasse in Washington after Trump's executive order and the market mood has somewhat improved.

EUR/USD News

GBP/USD recovering toward 1.31 as the dollar weakens

GBP/USD has recovered toward 1.31 as the dollar pares early gains amid the impasse in Washington over new fiscal stimulus. A survey showing that a third of UK employers may lay off workers is weighing on the pound.

GBP/USD News

XAU/USD retreats to $2030 after making a run to $2050

Gold prices spiked to the upside after the beginning of the American session but then pulled back erasing gains. XAU/USD jumped to $2049.70/oz, and as of writing, it trades at $2033, practically at the same level it closed on Friday.

Gold News

It is time for King Bitcoin

The crypto board starts the week stuck on critical levels. The war for dominance has been favorable to Ethereum for weeks, and the graphics seem to indicate that it's now Bitcoin's turn to win a few battles.

Read more

WTI: $42.30 is the level to beat for the bulls

WTI (futures on Nymex) climbed nearly 1.50% in a bid to test the $42 mark on Monday, in the wake of the upbeat outlook painted by Saudi Aramco’s CEO Nasser and expectations that Iraq will cut output in August.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures