WTI regains $ 63 amid supply risks, eyes on US rigs data, OPEC + meeting


  • Oil supported by supply threats on Middle-East woes, US sanctions on Iran.
  • Focus on US rigs count data, risk sentiment and OPEC + meet for the next direction.

WTI (futures on Comex) stretches its bullish momentum into a fourth day today, now flirting with two-week tops of 63.48, as the sentiment remains underpinned by mounting supply disruption threats fuelled by rising tensions in the Middle East this week.

Moreover, the US sanctions on Iran continue to curb the Iranian crude exports, adding to the tighter global supplies as well as to the upside in the black gold. Furthermore, the ongoing OPEC supply cuts also raise the risks of a supply deficit in the coming months, rendering oil positive.

The concerns over supply disruption continue to overshadow the recent surge in the US crude stockpiles and the US-China trade escalation induced risk-aversion.

Later today, all eyes will remain on the US rigs count data for fresh hints on the US supply-side scenario. The focus also remains on the OPEC + meeting scheduled over this meeting in Jeddah for the next direction in oil prices.

The OPEC + meeting is called on to assess member states’ commitment to the OPEC oil output cut deal and may make a recommendation on whether to extend or adjust the pact.

WTI Technical Levels

WTI

Overview
Today last price 63.33
Today Daily Change 0.25
Today Daily Change % 0.39
Today daily open 63.31
 
Trends
Daily SMA20 63.09
Daily SMA50 61.88
Daily SMA100 57.67
Daily SMA200 60.2
Levels
Previous Daily High 63.68
Previous Daily Low 62.32
Previous Weekly High 63.01
Previous Weekly Low 60.12
Previous Monthly High 66.57
Previous Monthly Low 60.23
Daily Fibonacci 38.2% 63.16
Daily Fibonacci 61.8% 62.84
Daily Pivot Point S1 62.53
Daily Pivot Point S2 61.74
Daily Pivot Point S3 61.17
Daily Pivot Point R1 63.89
Daily Pivot Point R2 64.46
Daily Pivot Point R3 65.25

 

 

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