- WTI rises to the fresh high since August 31.
- Market optimism, US dollar weakness favor bulls ahead of private inventory data.
- API stockpiles earlier rose to 4.174 for the week ended on November 13.
WTI refreshes multi-day high, marked earlier in Asia, while rising to $43.65, up 1.67% on a day, ahead of Tuesday’s European session opening. That said, the energy benchmark prints a seven-day winning streak to attack August month’s top.
Welcome prints of the November month’s preliminary activity numbers from the US seem to have helped the black gold to remain positive the previous day. However, the commodity’s recent optimism takes clues from US President-elect Joe Biden’s nearness to the White House as Donald Trump concedes defeat, hesitantly though.
Also favoring the oil bulls could be the hopes that the coronavirus (COVID-19) will be tackled sooner as the vaccine race intensifies. Recently, AstraZeneca announced a 90% effective rate for its small dosage cures to the deadly virus.
Furthermore, the US dollar’s failure to keep the previous day’s upside momentum also backs the commodity prices. While portraying the same, the US dollar index (DXY) fizzles Monday’s notable U-turn from the September low.
Moving on, weekly oil inventory data from the American Petroleum Institute (API) could offer immediate direction to the energy benchmark while risk catalysts remain as the key drivers. Although API data have recently marked an increase of stockpiles, any surprise draw can add strength to the WTI prices.
The August month’s peak and February low, respectively near $43.85 and $43.95, offer immediate resistance to the energy benchmark targeting $44.00. Though, any further upside won’t refrain from challenging March’s top near $48.75.
Additional important levels
|Today last price||43.54|
|Today Daily Change||0.61|
|Today Daily Change %||1.42%|
|Today daily open||42.93|
|Previous Daily High||43.38|
|Previous Daily Low||42.34|
|Previous Weekly High||42.68|
|Previous Weekly Low||40.36|
|Previous Monthly High||41.93|
|Previous Monthly Low||35.08|
|Daily Fibonacci 38.2%||42.99|
|Daily Fibonacci 61.8%||42.74|
|Daily Pivot Point S1||42.38|
|Daily Pivot Point S2||41.84|
|Daily Pivot Point S3||41.33|
|Daily Pivot Point R1||43.43|
|Daily Pivot Point R2||43.93|
|Daily Pivot Point R3||44.48|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.