WTI pulls back to $58.35 amid a lack of fresh catalysts

WTI snaps two-day losing streak.
The global push for the immediate solution of Libyan oil seize, headlines from Iran/Iraq in focus.
API data, trade/political news will offer fresh direction.

Anil Panchal FXStreet

WTI bounces off to $58.35 during early Wednesday. In doing so, the black gold disturbs the previous two-day declines while taking clues from the second-tier news from the Middle East amid a lack of major data/events elsewhere.

The oil benchmark has been bearing the burden of strong US dollar and doubts over the global recovery, as spread through the International Monetary Fund’s (IMF) latest forecast. Also supporting the energy benchmark’s declines were receding odds of the US-Iran war and softening tension in Iraq.

However, Libya’s refrain from respecting the global push, including the United Nations’ Secretary-General Antonio Guterres and US President Donald Trump, to release control of oil exports limit the quote’s downside.

Investors will now look towards the private inventory numbers, namely the weekly reading of the American Petroleum Institute’s (API) US Crude Oil Stock, for fresh direction. The private inventory data marked 1.1M figure during the previous week.

Traders will also take care of the trade/political headlines to determine the near-term direction of oil prices. The US-China trade deal optimism seems to fade after China’s Vice Premier Han Zheng poured cold water on the face of US President Trump’s claim that the deal will get orders worth $100 billion from China.

Technical Analysis

200 and 100-day SMAs limit the black gold’s downside around $57.65 and $ 57.35 respectively. Meanwhile, 21-day SMA near $60.20 caps the oil benchmark’s short-term upside.

Additional important levels

Overview
Today last price	58.33
Today Daily Change	0.09
Today Daily Change %	0.15%
Today daily open	58.24

Trends
Daily SMA20	60.27
Daily SMA50	59.07
Daily SMA100	57.33
Daily SMA200	57.68

Levels
Previous Daily High	58.83
Previous Daily Low	57.7
Previous Weekly High	59.28
Previous Weekly Low	57.38
Previous Monthly High	62.38
Previous Monthly Low	55.41
Daily Fibonacci 38.2%	58.13
Daily Fibonacci 61.8%	58.4
Daily Pivot Point S1	57.68
Daily Pivot Point S2	57.13
Daily Pivot Point S3	56.55
Daily Pivot Point R1	58.81
Daily Pivot Point R2	59.39
Daily Pivot Point R3	59.94

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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