WTI rebounds above $69 ahead of API inventory data

WTI reversed its direction following a three-day decline.
Supply dynamics support crude oil prices on Wednesday.
Focus shifts to the API's oil inventory data.

Eren Sengezer FXStreet

After dropping below $68 on Tuesday, the barrel of West Texas Intermediate gained traction on Wednesday and was last seen rising 1.35% on a daily basis at $69.30.

Declining oil output supports WTI

Although crude oil started the new week on the back foot amid renewed concerns over a weak demand outlook, supply-side dynamics provided a boost to prices.

Oil producers in the Gulf of Mexico continue to operate at a fraction of their full capacity due to Hurricane Ida. Additionally, citing an oil engineer, Reuters reported on Wednesday that protesters are blocking oil exports at Libya's Es Sider and Harouge ports.

Later in the day, the American Petroleum Institute (API) will release its Weekly Crude Oil Stock data ahead of the US Energy Information Administration's (EIA) Crude oil Stocks Change data for the week ending September 3 on Thursday.

Meanwhile, CME Group’s preliminary readings for crude oil futures markets revealed that traders added around 4.5K contracts to their open interest positions on Tuesday.

Crude Oil Futures: Probable consolidation ahead.

Technical levels to watch for

WTI

Overview
Today last price	69.17
Today Daily Change	0.95
Today Daily Change %	1.39
Today daily open	68.22

Trends
Daily SMA20	67.35
Daily SMA50	69.78
Daily SMA100	68.52
Daily SMA200	62.17

Levels
Previous Daily High	69.26
Previous Daily Low	67.5
Previous Weekly High	70.44
Previous Weekly Low	67.02
Previous Monthly High	73.54
Previous Monthly Low	61.73
Daily Fibonacci 38.2%	68.18
Daily Fibonacci 61.8%	68.59
Daily Pivot Point S1	67.4
Daily Pivot Point S2	66.57
Daily Pivot Point S3	65.64
Daily Pivot Point R1	69.16
Daily Pivot Point R2	70.09
Daily Pivot Point R3	70.92

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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