WTI recovers above $70.00 on Russia-Saudi joint statement on output cuts

WTI prices rebound to $70.85 after hitting the the six-month lows.
Saudi Arabia and Russia called on all OPEC+ members to join an agreement on production cuts for the stability of global oil markets.
China’s Crude oil Imports declined 9% year on year in November.
Oil traders await the US Nonfarm Payrolls report on Friday.

Lallalit Srijandorn FXStreet

Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $70.85 on Friday. WTI bounces off the six-month lows as Russia and Saudi Arabia asked the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) members to adhere to production output cuts.

On Thursday, Saudi Arabia and Russia, the world's two largest oil exporters, called on all OPEC+ members to join an agreement on production cuts for the stability of global oil markets. That being said, the positive development surrounding the OPEC+ output cut might lift the WTI prices.

On the other hand, several recent economic indicators have revealed that China's economic recovery is sluggish, which exerts some selling pressure on WTI prices. China’s Crude oil Imports declined 9% year on year in November due to high stockpile levels, negative economic data, and slower orders from independent refiners weakened demand.

Additionally, one of the key factors for the drop in WTI prices is the global economic slowdown and recessionary worries. According to the International Monetary Fund, it forecasts global growth of 3.0% in 2023 and 2.7% in 2024, both of which are lower than the 3.0% forecast in July.

Moving on, oil traders will closely watch the US Nonfarm Payrolls report on Friday. Also, the Unemployment Rate and Average Hourly Earnings for December will be released later in the day. These events could significantly impact the USD-denominated WTI price. Oil traders will take cues from the data and find trading opportunities around WTI prices.

WTI US OIL

Overview
Today last price	70.99
Today Daily Change	1.13
Today Daily Change %	1.62
Today daily open	69.86

Trends
Daily SMA20	75.4
Daily SMA50	80.34
Daily SMA100	82.09
Daily SMA200	77.81

Levels
Previous Daily High	70.64
Previous Daily Low	69.01
Previous Weekly High	79.62
Previous Weekly Low	74.04
Previous Monthly High	83.34
Previous Monthly Low	72.39
Daily Fibonacci 38.2%	70.01
Daily Fibonacci 61.8%	69.63
Daily Pivot Point S1	69.03
Daily Pivot Point S2	68.21
Daily Pivot Point S3	67.41
Daily Pivot Point R1	70.66
Daily Pivot Point R2	71.46
Daily Pivot Point R3	72.29

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

EUR/USD remains below 1.1850 after US data

EUR/USD struggles to gain traction and trades in a narrow range below 1.1850 on Wednesday. The US Dollar stays resilient against its rivals following the better-than-expected Durable Goods Orders and housing data, limiting the pair's upside ahead of FOMC Minutes.

GBP/USD stays in narrow channel above 1.3550 ahead of FOMC Minutes

GBP/USD holds its ground following Tuesday's slide and moves sideways above 1.3550 midweek. Although the data from the UK confirmed that inflation cooled in January, the positive shift seen in market mood helps the pair keep its footing as investors wait for the Fed to publish the minnutes of the January policy meeting.

Gold regains some shine, retargets $5,000 ahead of FOMC Minutes

Gold gathers fresh upside traction on Wednesday, leaving part of the weakness seen at the beginning of the week and refocusing its attention to the key $5,000 mark per troy ounce, all ahead of the release of the FOMC Minutes and despite the modest uptick in the US Dollar.

Fed Minutes to shed light on January hold decision amid hawkish rate outlook

The Minutes of the Fed’s January 27-28 monetary policy meeting will be published today. Details of discussions on the decision to leave the policy rate unchanged will be scrutinized by investors.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Top 3 Price Prediction: Bitcoin, Ethereum, and Ripple face downside risk as bears regain control

Bitcoin, Ethereum, and Ripple remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.