WTI registers small daily losses, continues to trade above $61

API data shows larger-than-expected draw in US crude oil stocks.
China announces fresh stimulus to revive economic growth.
Coming up on Friday: EIA's weekly crude oil inventory report.

Eren Sengezer FXStreet

Crude oil prices continued to push higher toward the end of the year and the barrel of West Texas Intermediate reached its highest level in more than three months at $62.31 on December 30th. Although profit-taking weighed on the WTI and caused it to post small daily losses on December 31st, it still closed the month 11.1% higher.

Steady start to 2020

At the start of the new year, the WTI edged lower but was able to limit its losses supported by the heightened hopes of global economic recovery gathering momentum and the weekly report published by the American Petroleum Institue, which showed late Tuesday that crude oil stockpiles in the US fell by 7.8 million barrels in the week ended December 27th. As of writing, the WTI was down 0.4% on a daily basis at $61.28.

At the start of 2020, the People's Bank of China (PBoC) has announced a 50 basis point cut to its Reserve Requirement Ratio (RRR). Commenting on this move, "The PBoC estimates that the cut will inject around USD 115bn of liquidity into the financial system," noted Rabobank analysts. "The move reflects a strong commitment of the central bank to support the economy."

On Friday, the Energy Information Administration will release its weekly crude oil market report.

Technical levels to watch for

WTI

Overview
Today last price	61.28
Today Daily Change	0.03
Today Daily Change %	0.05
Today daily open	61.25

Trends
Daily SMA20	60.01
Daily SMA50	58.03
Daily SMA100	56.71
Daily SMA200	57.86

Levels
Previous Daily High	61.92
Previous Daily Low	60.67
Previous Weekly High	62.02
Previous Weekly Low	60.17
Previous Monthly High	62.38
Previous Monthly Low	55.41
Daily Fibonacci 38.2%	61.15
Daily Fibonacci 61.8%	61.44
Daily Pivot Point S1	60.64
Daily Pivot Point S2	60.03
Daily Pivot Point S3	59.39
Daily Pivot Point R1	61.89
Daily Pivot Point R2	62.53
Daily Pivot Point R3	63.14

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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