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.

Dhwani Mehta FXStreet

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.”

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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