WTI oil rallies to $75.70 on China’s call for securing supplies

WTI futures bounce up to $75.70 on China's will to secure supplies.
Crude oil futures turn positive on daily charts.
Oil prices lost ground following an unexpected increase in US inventories.

Guillermo Alcala FXStreet

Front-month WTI futures have shrugged off the negative tone seen earlier today to jump nearly 3% during Thursday's US trading session. Reports that China has prioritized securing oil supplies for this winter have sent oil prices surging.

Crude oil resumes uptrend as China orders to stock supplies

Oil prices have bounced more than $2 in less than an hour, erasing previous losses and turning positive on daily charts following reports of China’s intentions to secure supplies at all costs, concerned about the possibility of an energy shortage.

A report from Bloomberg affirms that Vice Premier Han Zheng, responsible for the nation’s energy sector and industrial production. has ordered Chinese top state-owned companies to guarantee oil supplies in an emergency meeting held earlier this week.

US crude oil futures were about 2,3% down on the day, following an unexpected increase in US inventories. The Energy Information Administration reported an increment of 4.6 million barrels on the week of September 24 against market expectations of a 2.33 million barrel draw.

Technical levels to watch

WTI

Overview
Today last price	75.26
Today Daily Change	0.65
Today Daily Change %	0.87
Today daily open	74.61

Trends
Daily SMA20	71.17
Daily SMA50	69.63
Daily SMA100	69.77
Daily SMA200	64.17

Levels
Previous Daily High	75.62
Previous Daily Low	73.57
Previous Weekly High	74.15
Previous Weekly Low	69.35
Previous Monthly High	73.54
Previous Monthly Low	61.73
Daily Fibonacci 38.2%	74.83
Daily Fibonacci 61.8%	74.35
Daily Pivot Point S1	73.58
Daily Pivot Point S2	72.55
Daily Pivot Point S3	71.53
Daily Pivot Point R1	75.63
Daily Pivot Point R2	76.65
Daily Pivot Point R3	77.68

Author

Guillermo Alcala

FXStreet

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

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