WTI off highs, still above $ 52 ahead of US-China trade talks


  • Oil lacks follow-through upside amid increase trade anxiety.
  • Bearish US EIA Crude Stocks data also adds to the selling bias.
  • All eyes on US-China trade talks and Mid-East geopolitics.

WTI (oil futures on NYMEX) witnessed volatile trading so far this European session on Thursday, the risk tones flip-flop in anticipation of the US-China trade outcome.

Trade and geopolitics to play a pivotal role

The black gold fell over the last hour after the trade-related optimism faded and markets turned cautious ahead of the key trade talks. The US Treasury yields are seen falling alongside the Wall Street futures, as markets are not ruling out the trade arrangement to fallout, given the past experience between both the US and China.

More so, the bigger-than-expected jump in the US crude stockpiles, as reported by the Energy Information Administration (EIA) also added to the downside in the prices. The US crude stocks rose by 2.9 million barrels in the week to Oct. 4, more than double expectations of a 1.4-million-barrel increase.

However, the losses remain capped by broad-based US dollar weakness and heightened tensions between Turkey and Iran-allied Syria. The geopolitical tensions threaten to disrupt oil supplies from the OPEC producers. Further, the political unrest in the OPEC’s two oil producers, Iraq and Ecuador, further aggravates the supply disruption risks, with Ecuador oil output likely to fall by one-third amid protests.

Markets remain focussed on the US-China trade talks and fresh Mid-East geopolitical updates for the next direction on the prices.

WTI Levels to watch  

WTI

Overview
Today last price 52.56
Today Daily Change -0.11
Today Daily Change % -0.21
Today daily open 52.79
 
Trends
Daily SMA20 55.81
Daily SMA50 55.44
Daily SMA100 55.99
Daily SMA200 57.16
 
Levels
Previous Daily High 53.89
Previous Daily Low 52.48
Previous Weekly High 56.59
Previous Weekly Low 51.19
Previous Monthly High 63.13
Previous Monthly Low 52.77
Daily Fibonacci 38.2% 53.35
Daily Fibonacci 61.8% 53.02
Daily Pivot Point S1 52.22
Daily Pivot Point S2 51.64
Daily Pivot Point S3 50.81
Daily Pivot Point R1 53.63
Daily Pivot Point R2 54.46
Daily Pivot Point R3 55.04

 

 

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.

Feed news

Latest Forex News

Editors’ Picks

Euro rolling into the Asian session near one-month lows

The Fiber, on the daily chart, is trading in a downtrend below its main daily simple moving averages (DMAs). The Fiber was week on the second day of the week. The level to beat for bears is the 1.0995 support level.

EUR/USD News

GBP/USD: Doji on D1, lower highs setup portray Cable weakness

Not only lower highs since late-October but a bearish candlestick formation also portrays the GBP/USD pair’s weakness as it takes rounds to 1.2855 during the early Asian session on Wednesday.

GBP/USD News

USD/JPY supported at 10-DMA amid risk-off, eyes US CPI, Powell

USD/JPY bounced-off the10-DMA support near 108.85 and regained the 109 handle, despite the risk-off action in the Asian equities and US equity futures amid trade deal uncertainty. The bulls seem to have found some support from higher US Treasury yields. 

USD/JPY News

Gold fails to hold on to recovery amid USD strength, trade woes

Although pessimism surrounding the US trade relations with China and the EU, coupled with Hong Kong protests, favored Gold to bounce off multi-month lows on Tue, prices are again under pressure while taking rounds to $1,458 during today’s Asian session.

Gold News

UK inflation report outlook: GBP/USD may stumble on another CPI slide

Headline Consumer Price Index (CPI) has missed expectations in the past two months by standing at 1.7% annual. Economists seem to have adapted their expectations and forecast a further deceleration to 1.6% in October's inflation report. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures