WTI keeps the $63.00 handle ahead of data


  • Prices of WTI cling to gains above the $63.00 mark.
  • Trade, geopolitics keeps weighing on prices.
  • US oil rig count next on tap in the docket.

Prices of the barrel of WTI are clinging to the positive territory at the end of the week, managing to retake the $63.00 mark although losing some shine near $63.60.

WTI focused on geopolitics, trade, Jeddah

Crude oil prices gained more than $3 since Monday’s lows in the proximity of the psychological $60.00 mark per barrel – where sits the 200-day SMA – on the back of rising trade tension between the US and China and the geopolitical factor including Saudi Arabia, Iran and the US.

Further out, traders’ attention has now shifted to the upcoming meeting of the OPEC+ in Jeddah (weekend), where members of the cartel and other producers will discuss on the potential supply disruptions as a direct consequence of US sanctions against Iranian oil exports.

Later in the NA session, driller Baker Hughes will publish its weekly report on US oil rig count.

What to look for around WTI

Prices of the WTI appear to have met some decent resistance in the $63.60 region this week ahead of the key OPEC+ meeting in Jeddah in the next days. The resurgence of US-China trade concerns and rising geopolitical tensions in the Persian Gulf have been sustaining the moderate rebound in prices, while the broader positive outlook on crude oil stays underpinned by speculative positioning, the so-called ‘Saudi put’, the ongoing OPEC+ deal to curb oil output and US sanctions.

WTI significant levels

At the moment the barrel of WTI is gaining 0.12% at $63.18 and a break above $63.61 (high May 17) would open the door for $63.74 (61.8% Fibo of the October-December drop) and then $64.66 (high Apr.30). On the downside, the immediate support emerges at $60.36 (200-day SMA) followed by $59.98 (low May 6) and finally $59.63 (50% Fibo of the October-December drop).

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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD remains on the back foot amid ongoing trade concerns

EUR/USD is trading around 1.1150, the lowest in over two weeks. Markets are worried about US-Sino trade tensions as US companies stop working with China's Huawei. European elections are warming up.

EUR/USD News

GBP/USD consolidates its losses amid Brexit pessimism

GBP/USD is trading in the low 1.2700s, close to the lowest since January. UK PM May is set to present a new plan after cross-party talks failed and as calls for her to quit mount.

GBP/USD News

USD/JPY off multi-day tops, looks to test 110.00 ahead of Fedspeak

Japanese growth optimism in play as risk-on fades amid looming US-China trade risks. Eyes on risk sentiment, trade developments and Fed speak for fresh directives.

USD/JPY News

Gold aims to revisit 9-month old support-line near $1272

Gold is on its third negative trading day as it seesaws near $1276.50 ahead of the European open on Monday. Pessimism surrounding the US-China and the US-Iran relations could limit the bullion’s decline near trend-line support.

Gold News

Cryptos stage a Sunday surge, levels to watch – Confluence Detector

Cryptocurrencies have enjoyed a massive comeback early on Sunday, recovering most losses. The cleanup seen ahead of the weekend may be over, and it is time to look up to higher levels. Here are the levels to watch according to the Confluence Detector.

Read more

Majors

Cryptocurrencies

Signatures