WTI looks to settle below $60 as selloff on easing geopolitical tensions continues

De-escalation of US-Iran conflict continues to weigh on crude oil prices.
EIA's weekly report shows surprise build in US crude oil stocks.
Coming up on Friday: Baker Hughes Oil Rig Count.

Eren Sengezer FXStreet

Crude oil prices continued to push lower after suffering heavy losses on Wednesday as easing worries over a protracted US-Iran conflict and its potential negative impact on oil supply caused investors to book their profits following the sharp rally witnessed during the first half of the week.

The barrel of West Texas Intermediate (WTI), which touched its highest level since April at $65.60 on Wednesday, closed with a daily loss of more than 4% and was last seen trading at $59.55, erasing 0.7% on a daily basis.

Focus shifts to US crude oil stocks

In the meantime, the weekly report published by the US Energy Information Administration (EIA) on Wednesday revealed that crude oil stocks in the US increased by 1.164 million barrels in the week ending January 3rd to further weigh on crude oil prices. On Friday, Baker Hughes' Oil Rig Count will be the last relevant data of the week for the WTI.

Technical levels to watch for

WTI

Overview
Today last price	59.53
Today Daily Change	-0.48
Today Daily Change %	-0.80
Today daily open	60.01

Trends
Daily SMA20	60.93
Daily SMA50	58.64
Daily SMA100	57.04
Daily SMA200	57.9

Levels
Previous Daily High	65.67
Previous Daily Low	59.17
Previous Weekly High	64.11
Previous Weekly Low	60.67
Previous Monthly High	62.38
Previous Monthly Low	55.41
Daily Fibonacci 38.2%	61.65
Daily Fibonacci 61.8%	63.19
Daily Pivot Point S1	57.56
Daily Pivot Point S2	55.12
Daily Pivot Point S3	51.06
Daily Pivot Point R1	64.06
Daily Pivot Point R2	68.12
Daily Pivot Point R3	70.56

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

EUR/USD holds losses below 1.1850 ahead of FOMC Minutes

EUR/USD stays on the back foot below 1.1850 in the European session on Wednesday, pressured by renewed US Dollar demand and reports that ECB President Lagarde will step down before the end of her term. Traders now look forward to the Minutes of the Fed's January monetary policy meeting for fresh signals on future rate cuts.

GBP/USD defends 1.3550 after UK inflation data

GBP/USD is holding above 1.3550 in Wednesday's European morning, little changed following the UK Consumer Price Index (CPI) data release. The UK inflation eased as expected in January, reaffirming bets for a March BoE interest rate cut, especially after Tuesday's weak employment report.

Gold retains bullish bias amid Fed rate cut bets, ahead of Fed Minutes

Gold sticks to modest intraday gains through the early European session, reversing a major part of the previous day's heavy losses of more than 2%, to the $4,843-4,842 region or a nearly two-week low. That said, the fundamental backdrop warrants caution for bulls ahead of the FOMC Minutes, which will look for more cues about the US Federal Reserve's rate-cut path.

Pi Network rally defies market pressure ahead of its first anniversary

Pi Network is trading above $0.1900 at press time on Wednesday, extending the weekly gains by nearly 8% so far. The steady recovery is supported by a short-term pause in mainnet migration, which reduces pressure on the PI token supply for Centralized Exchanges. The technical outlook focuses on the $0.1919 resistance as bullish momentum increases.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Top 3 Price Prediction: Bitcoin, Ethereum, and Ripple face downside risk as bears regain control

Bitcoin, Ethereum, and Ripple remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.