WTI looks to $ 69 ahead of EIA data

  • Bears continue to guard the 68.70 fence, as US dollar extends the recovery.
  • Venezuela’s investment plans, bearish API report continue to weigh ahead of the EIA crude supplies report.

WTI (oil futures on NYMEX) extends its choppiness into Europe, although trades within a tight range, as markets await fresh impetus from the Energy Information Administration (EIA) crude stockpiles data for the next direction.

Fresh bid-wave caught by the US dollar versus its main competitors last hours appears to have capped the latest leg higher in the black gold. The USD index bounced to 94.88, having found strong support once again near 94.65 region.

Moreover, the sentiment around the barrel of WTI remains downbeat, largely due to an unexpected rise in the US crude stockpiles, as reported by the API a day before. The API data showed that the US against a drawdown expected.

Furthermore, the reports of increasing investments in the Venezuelan oil sector to stem tumbling output also kept a lid on the prices. However, a test of $ 69 cannot be ruled out ahead of the US EIA fuel stocks data due later today at 1430 GMT.  

WTI Technical Levels

The Swissquote Bank Research Team notes: “Short positions below 69.00 with targets at 68.10 & 67.80 in extension. Above 69.00 look for further upside with 69.30 & 69.65 as targets. The RSI is mixed to bearish.”

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

GME stock positioned for another short squeeze

Get the full analysis and chart in our Insights. Upgrade to Premium today    

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD loses 1.21 as the dollar extends its gains

EUR/USD has dipped below 1.21, some 70 pips down on the day as the dollar recovers alongside Treasury yields. US Consumer Sentiment beat estimates with 86.4 points. 


GBP/USD retreats amid UK GDP miss, reopening concerns

GBP/USD is hovering around 1.4150, down on the day. UK GDP missed with 2.3% in April and a four-week delay to Britain's reopening is speculated. The greenback is gaining some ground.


XAU/USD drops back below $1900, as US dollar rebounds ahead of data

Gold price has retraced below the $1900 mark once again, having tested Tuesday’s high near $1903. The latest leg down in gold price comes on the back of a tepid bounce staged by the US dollar, as the Treasury yields trim losses across the curve.

Gold News

Ethereum price prepares for a bullish weekend, targeting $3,000

Ethereum price seems prime to revisit $3,000. Although ETH faces resistance at $2,300, the upswing seems imminent. A downswing below $2,000 could invalidate the bullish thesis. 

Read more

Hot Inflation is warming the seat for the June FOMC

Americans are seeing the fastest price increases since their seventh-graders were born as inflation builds into the US economy from the disruptions of the pandemic lockdowns. Core CPI at 3.8% is the steepest gain in 29 years.

Read more