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

Editors’ Picks

GBP/USD surges toward 1.3150 amid upbeat UK data, USD weakness

GBP/USD has been extending its gains after the British CBI Trends figure beat expectations. Markets are pricing a BOE rate cut less aggressively. The US dollar is on the back foot across the board amid reduced coronavirus fears.

GBP/USD News

EUR/USD struggles to recover amid Trump's tariff threats

EUR/USD is trading below 1.11, close to the three-week lows, as President Trump continues threatening the EU with car tariffs. Markets remain concerned about the spreading coronavirus disease. 

EUR/USD News

BoC goes dovish, USD/CAD jumps above 1.31

In a widely expected decision, the Bank of Canada on Wednesday announced that it left its policy rate unchanged at 1.75% at its January policy meeting. In its policy statement, the BoC noted that it sees less risk of an extreme downside scenario related to trade tensions.

Read more

Gold Price Analysis: Intraday uptick falters near 50-hour SMA, remains vulnerable

Gold lacked any firm directional bias and seesawed between tepid gains/minor losses through the mid-European session on Wednesday.

Gold News

USD/JPY rises above 110.00, potential head-and-shoulders on 1H

Risk reset in stocks is boding well for USD/JPY.  The pair may be forming a head-and-shoulders pattern on the hourly chart. The bulls are not out of the woods yet and a break above 110.12 is needed to invalidate lower highs setup on the hourly chart.

USD/JPY News

Forex MAJORS

Cryptocurrencies

Signatures