WTI plummets below $60 following US Pres. Trump's remarks on Iran conflict

US Pres. Trump says US is ready to embrace peace.
Crude oil prices fall sharply following earlier upsurge.
Crude oil stocks in US rose unexpectedly in week ending January 3rd.

Eren Sengezer FXStreet

Crude oil prices came under heavy selling pressure in the last hour after US President Donald Trump took the high road in US-Iran conflict. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $59.90, losing 4.4% on a daily basis.

De-escalation of tensions in Middle East weigh on oil

In his prepared statement on Wednesday, President Trump acknowledged that no Americans were harmed from Iranian missile strikes on US bases in Iraq and said Iran was appearing to be standing down. "The US is ready to embrace peace with all who seek it," Trump added.

Earlier in the day, the initial market reaction to reports of Iranian missile strikes caused the WTI to jump to its highest level since April at $65.62 on heightened concerns over supply disruptions.

In the meantime, the weekly report published by the US Energy Information Administration showed that crude oil inventories in the US rose by 1.2 million barrels in the week ending January 3rd, compared with analysts' expectation for a draw of 3.5 million barrels, and put additional weight on crude oil prices.

Technical levels to watch for

WTI

Overview
Today last price	60.15
Today Daily Change	-2.56
Today Daily Change %	-4.08
Today daily open	62.71

Trends
Daily SMA20	60.88
Daily SMA50	58.56
Daily SMA100	57
Daily SMA200	57.91

Levels
Previous Daily High	63.17
Previous Daily Low	62.15
Previous Weekly High	64.11
Previous Weekly Low	60.67
Previous Monthly High	62.38
Previous Monthly Low	55.41
Daily Fibonacci 38.2%	62.54
Daily Fibonacci 61.8%	62.78
Daily Pivot Point S1	62.18
Daily Pivot Point S2	61.66
Daily Pivot Point S3	61.16
Daily Pivot Point R1	63.2
Daily Pivot Point R2	63.7
Daily Pivot Point R3	64.22

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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