- WTI consolidates losses around monthly low, snaps three-day losing streak.
- US President Biden, Egypt’s Sisi managed to deliver the truce between Israel and Hamas.
- Market sentiment improves on upbeat US Jobless Claims.
- Preliminary readings of Markit PMIs for May will be the key.
WTI posts mild gains around $62.00, up 0.35% intraday, during Friday’s initial Asian session. In doing so, the energy benchmark reverses from the lowest since late April while rising for the first time in four days amid risk-on mood.
The US data and the much-awaited halt to the geopolitical tussle between Israel and Palestine seem to favor oil optimists. Also contributing to the risk-on mood could be the chatters concerning US stimulus and recently easing covid fears in Asia.
US President Joe Biden and his Egyptian counterpart Abdel Fattah Al-Sisi brokered a ceasefire deal in Gaza that will be in effect from 02:00 AM on Friday. While Israel and Hamas both agreed to the peace terms, Biden looks for progress and thanks to the parties to the required action.
Also helping them market sentiment was the latest US Jobless Claims data. With the US Weekly Jobless Claims easing to 444K, the four-week average also dropped from an upwardly revised 535.25K level to 504.75K. The jobs data helped White House Secretary Jen Psaki to cheer the recovery in the US employment scenario.
Amid these plays, Wall Street benchmarks jumped for the first time in a week whereas S&P 500 Futures also print mild gains by the press time. The risk-on mood also weighed down the US dollar index (DXY) and helped commodities of late.
Looking forward, oil traders will closely observe the May month preliminary activity numbers from the US, as well as weather conditions in the Gulf of Mexico amid chatters over hurricane developments.
A clear downside break of an ascending trend line from February and 50-day SMA, respectively around $62.30 and $62.55, keeps WTI sellers hopeful to revisit the $60.00 psychological magnet.
Additional important levels
|Today last price||61.99|
|Today Daily Change||-1.34|
|Today Daily Change %||-2.12%|
|Today daily open||63.33|
|Previous Daily High||65.33|
|Previous Daily Low||61.96|
|Previous Weekly High||66.63|
|Previous Weekly Low||63.12|
|Previous Monthly High||65.4|
|Previous Monthly Low||57.66|
|Daily Fibonacci 38.2%||63.25|
|Daily Fibonacci 61.8%||64.04|
|Daily Pivot Point S1||61.75|
|Daily Pivot Point S2||60.17|
|Daily Pivot Point S3||58.37|
|Daily Pivot Point R1||65.13|
|Daily Pivot Point R2||66.92|
|Daily Pivot Point R3||68.5|
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.