WTI: On a steady recovery towards $75 mark ahead of API data


  • WTI attempting a recovery after a sharp correction from over six-year highs.
  • Concerns over tighter supplies amid OPEC+ fallout underpin the US oil.
  • US API weekly crude stockpiles awaited amid risk-on market mood.

WTI (futures on Nymex) is staging an impressive recovery from four-day lows of $72.94, as the bulls look to recapture the $75 level amid an upbeat market mood.

At the time of writing, the US oil rises 1.70% to $74.59, reversing the sharp correction seen on Tuesday from the highest levels since November 2014 at $76.98.

The black gold surged to multi-year highs on concerns over tighter oil supplies unable to match a potential growth in demand, especially after the OPEC and its allies (OPEC+) abandoned the meeting after a failure to reach a deal on the output policy for the third time.

However, the rally to fresh 2021 highs failed to hold up, as sellers returned on profit-taking and resurfacing worries that higher oil price could ramp up inflation, which may temper the global economic recovery.  

So far this Wednesday, WTI price draws support from an improvement in the risk sentiment, as the European equities trade in the green alongside the US futures. Also, worries over tighter oil markets continue to provide underlying support to the US oil, as the focus now shifts towards the weekly crude stockpiles report due to be published by the American Petroleum Institute (API) later today.

Subdued trading seen in the US dollar across the board is also boding well for the USD-denominated WTI. Investors await the FOMC minutes for fresh dollar trades, which could eventually have a significant bearing on oil.

WTI technical levels to consider

WTI

Overview
Today last price 74.58
Today Daily Change 0.89
Today Daily Change % 1.21
Today daily open 73.31
 
Trends
Daily SMA20 72.47
Daily SMA50 68.49
Daily SMA100 65.12
Daily SMA200 55.71
 
Levels
Previous Daily High 76.4
Previous Daily Low 72.44
Previous Weekly High 75.7
Previous Weekly Low 71.69
Previous Monthly High 74.17
Previous Monthly Low 66.78
Daily Fibonacci 38.2% 73.96
Daily Fibonacci 61.8% 74.89
Daily Pivot Point S1 71.7
Daily Pivot Point S2 70.09
Daily Pivot Point S3 67.74
Daily Pivot Point R1 75.66
Daily Pivot Point R2 78.01
Daily Pivot Point R3 79.62

 

 

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.

Feed news

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD bulls hang in there in slower pace Asia, Evergrande digested

EUR/USD is flat in a quiet Asian session following a turbulent start to the week. At the time of writing, EUR/USD is trading at 1.1728 between 1.1725 and 1.1731. Forex markets were quite contained given the scale of equity losses on the back of the Evergrande news. 

EUR/USD News

GBP/USD: Upside needs validation above 1.3670

GBP/USD takes a breather after the previous session’s heavy sell-off. The pair dropped below 1.3650 in a more than 100-pips movement. At the time of writing, GBP/USD is trading at 1.3660, up 0.03% for the day.

GBP/USD News

EUR/USD bulls hang in there in slower pace Asia, Evergrande digested

EUR/USD is flat in a quiet Asian session following a turbulent start to the week. At the time of writing, EUR/USD is trading at 1.1728 between 1.1725 and 1.1731. Forex markets were quite contained given the scale of equity losses on the back of the Evergrande news. 

EUR/USD News

Ethereum bears gain control, ETH price targets $2,500

Ethereum price continues to follow all crypto and non-crypto markets in a broad risk-off sell-off. Ethereum bears, which targeted the $2,900 value area, succeeded and now focus on $2,500.

Read more

The wrong question on Evergrande

The 3rd week of September keeps up with its negative seasonality as one of the worst weeks of the year amid surging fears of Fed taper and Evergrande.

Read more

Forex MAJORS

Cryptocurrencies

Signatures