WTI recaptures $68 amid risk rebound, ahead of EIA data

WTI jumps back above $68 amid a recovery in the risk sentiment.
US dollar pares gains amid an upbeat market mood.
WTI traders move past API crude data ahead of the EIA release.

Dhwani Mehta FXStreet

WTI (futures on Nymex) bulls are back in the game, battling the $68 level amid a fresh risk-on wave that gripped the European market.

At the time of writing, the US oil rises 1.35% on the day to trade at $68.11, looking to regain the $68.50 level.

After a retreat in the overnight trades due to an unexpected build in the US crude stockpiles reported by the American Petroleum Institute (API), WTI entered a consolidative mode in the Asian session. However, with the return of risk appetite, the bullish streak is unleashed ahead of Energy Information Administration (EIA) US crude supplies report.

Late Tuesday, the API reported that the US crude stocks rose by 806,000 barrels for the week that ended July 16 vs. expectations of a fall of about 4.5 million barrels.

Meanwhile, the European stocks shrug off the cautious mood seen during the Asian trades and advanced amid strong earnings reports, lifting the sentiment around the higher-yielding oil.

A sharp pullback in the US dollar across its main rival on a sudden turnaround in the risk sentiment also bode well for the dollar-denominated commodity.

WTI technical levels to consider

WTI

Overview
Today last price	68.11
Today Daily Change	1.46
Today Daily Change %	2.20
Today daily open	66.34

Trends
Daily SMA20	72.57
Daily SMA50	69.82
Daily SMA100	66.14
Daily SMA200	57.3

Levels
Previous Daily High	67.52
Previous Daily Low	64.99
Previous Weekly High	74.95
Previous Weekly Low	70.14
Previous Monthly High	74.17
Previous Monthly Low	66.78
Daily Fibonacci 38.2%	65.96
Daily Fibonacci 61.8%	66.55
Daily Pivot Point S1	65.05
Daily Pivot Point S2	63.76
Daily Pivot Point S3	62.53
Daily Pivot Point R1	67.57
Daily Pivot Point R2	68.8
Daily Pivot Point R3	70.09

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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