WTI looks vulnerable below $ 61 amid softer risk tones, focus on EIA

Weighed down by souring risk appetite amid Italian budget woes, trade concerns.
Focus remains on US EIA crude inventory report after bearish API data.

Dhwani Mehta FXStreet

WTI (futures on Comex) broke its Asian consolidation phase to the downside and tested the 61 handle following a major turnaround in the risk sentiment in the European session.

The higher-yielding oil came under heavy selling amid a worsening mood, induced by the resurgence of the Italian budget woes and fading hopes of the US-China trade deal. T

The renewed optimism on the trade deal was squashed on the reports that the US President Trump is set to sign an order restricting foreign telecom business later today. China Foreign Ministry was quick to respond, urging the US to create a fair environment for Chinese companies.

Moreover, the downward revision to the global oil demand forecast, by the International Energy Agency (IEA), for the first time since October also collaborated to the latest leg down in the prices. IEA cuts global oil demand forecast

Adding to the weakness in the black gold, the latest US crude stockpiles data published by the American Petroleum Institute (API) late-Tuesday, an unexpected rise in the US crude stocks. The US crude stockpiles rose last week by 8.6 million barrels in the week to May 10 to 477.8 million.

Looking ahead, the commodity could draw support from the ongoing Middle East tensions. Saudi Arabia said on Tuesday that armed drones struck two of its oil pumping stations, two days after the sabotage of oil tankers near the United Arab Emirates, as cited by Reuters.

However, the main deciding factor for the next direction is likely to be the official data on stocks from the US Energy Information Administration (EIA) due later today at 1430 GMT.

WTI Technical Levels

WTI

Overview
Today last price	61.22
Today Daily Change	-0.19
Today Daily Change %	-0.31
Today daily open	61.53

Trends
Daily SMA20	63.2
Daily SMA50	61.63
Daily SMA100	57.34
Daily SMA200	60.26

Levels
Previous Daily High	62.27
Previous Daily Low	60.85
Previous Weekly High	63.01
Previous Weekly Low	60.12
Previous Monthly High	66.57
Previous Monthly Low	60.23
Daily Fibonacci 38.2%	61.73
Daily Fibonacci 61.8%	61.39
Daily Pivot Point S1	60.83
Daily Pivot Point S2	60.13
Daily Pivot Point S3	59.41
Daily Pivot Point R1	62.25
Daily Pivot Point R2	62.97
Daily Pivot Point R3	63.67

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.

EUR/USD treads water above 1.1850 amid thin trading

EUR/USD stays defensive but holds 1.1850 amid quiet markets in the European hours on Monday. The US Dollar is struggling for direction due to thin liquidity conditions as US markets are closed in observance of Presidents' Day.

GBP/USD flat lines as traders await key UK and US macro data

GBP/USD kicks off a new week on a subdued note and oscillates in a narrow range near 1.365 in Monday's European trading. The mixed fundamental backdrop warrants some caution for aggressive traders as the market focus now shifts to this week's important releases from the UK and the US.

Gold sticks to intraday losses; lacks follow-through

Gold remains depressed through the early European session on Monday, though it has managed to rebound from the daily trough and currently trades around the $5,000 psychological mark. Moreover, a combination of supporting factors warrants some caution for aggressive bearish traders, and before positioning for deeper losses.

Bitcoin, Ethereum and Ripple consolidate within key ranges as selling pressure eases

Bitcoin and Ethereum prices have been trading sideways within key ranges following the massive correction. Meanwhile, XRP recovers slightly, breaking above the key resistance zone. The top three cryptocurrencies hint at a potential short-term recovery, with momentum indicators showing fading bearish signs.

Global inflation watch: Signs of cooling services inflation

Realized inflation landed close to expectations in January, as negative base effects weighed on the annual rates. Remaining sticky inflation is largely explained by services, while tariff-driven goods inflation remains limited even in the US.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.