WTI reclaims the area above the $70.00 mark

WTI bounces of multi-day lows near $69.50.
Tight supply concerns bolster the daily gains so far.
The API and the EIA will report on oil inventories later in the week.

Pablo Piovano FXStreet

Prices of the WTI starts the week in a positive fashion and looks to surpass the key $70.00 mark per barrel on a sustainable mood.

WTI looks at China, US SPR

After three consecutive daily pullbacks, prices of the barrel of the WTI gather some steam and hover around the key $70.00 region on the back of traders’ concerns over the current tight supply conditions, while ongoing output cuts by the OPEC+ also add to the upbeat mood in the commodity.

Bolstering prices also emerges US plans to start refilling the SPR and the renewed selling bias in the greenback, which somehow offset concerns over uncertainty around the Chinese recovery.

Later in the week, the API and the EIA will report on weekly US crude oil inventories on Tuesday and Wednesday, respectively.

WTI significant levels

At the moment the barrel of WTI is up 0.86% at $70.63 and faces the next resistance at $73.83 (weekly high May 10) seconded by $76.92 (high April 28) and finally $79.14 (weekly high April 24). On the other hand, the breach of $63.97 (monthly low May 3) would open the door to $64.41 (2023 low March 20) and then $61.76 (monthly low August 23 2021).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD sticks to positive bias above 1.1800 as trade jitters undermine USD

The EUR/USD pair builds on the previous day's modest gains and attracts some buyers for the second straight day on Thursday amid a softer US Dollar. Spot prices, however, lack bullish conviction and trade around the 1.1815-1.1820 area during the Asian session, up 0.10% for the day.

GBP/USD bounces as soft CPI boosts BoE cut bets

GBP/USD rose 0.42% on Wednesday, recovering toward 1.3600 in a session shaped by softer-than-expected UK inflation data and broad US Dollar weakness. The pair had been consolidating in a tight range between about 1.3450 and 1.3520 for the past few days following the sharp pullback from the late-January high near 1.3870, and Wednesday's move pushed price action back onto the high side of key moving averages.

Gold retakes $5,200 amid sustained haven demand, softer USD

Gold attracts some buyers for the second straight day as trade jitters and geopolitical tensions persist ahead of the US-Iran nuclear talks, which underpin demand for safe-haven assets. Additionally, a softer US Dollar further supports the bullion, though the underlying bullish sentiment could cap gains. Bulls might also opt to wait for acceptance above the $5,200 mark before positioning for any meaningful appreciating move.

UK financial watchdog advances stablecoin oversight as four firms pilot issuance

The Financial Conduct Authority in the United Kingdom is advancing toward the final stablecoin regulatory framework with a pilot program involving four companies, including Monee, Financial Technologies ReStabilise, Revolut and VVTX.

Nvidia delivers another monster earnings report, and forecasts big things to come

It was another monster earnings report from Nvidia for fiscal Q4. Revenues were $68.1bn, smashing estimates of $65bn. Gross profit margin was a healthy 75%, up from 73.5% in the prior quarter, and the outlook for this quarter was monstrous.

Cosmos Hub Price Forecast: ATOM rebounds slightly, bearish outlook remains intact

Cosmos Hub (ATOM) price rebounds, trading above $2.05 at the time of writing on Wednesday, after undergoing a sharp correction since last week. Weakening on-chain and derivatives data support a bearish outlook, while technical analysis remains unfavorable.