• 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.

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

 

 

 

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