WTI resumes slide, hits 3-week lows below $51.50


  • Stronger US dollar pushed crude oil prices lower. 
  • Higher production in the US and demand concerns continue to weigh. 

WTI (oil futures on NYMEX) dropped further during the US session and at the moment consolidates below the key $52.00 area suggesting more losses ahead. It is falling by more than 2%. 

Crude oil prices reversed sharply after the beginning of the US session, breaking sharply lower. After WTI reached $52.67 turned to the downside, falling more than $1 in the first hours of the American session. It bottomed at $51.30, the lowest intraday level since January 17. 

Since last Monday, WTI is under pressure moving with a clear bearish bias, retreating from levels on top of $55.00.  At the moment, WTI trades at $51.50, down 2.30% for the day. 

A stronger US dollar on Monday offset the improvement in risk appetite and positive expectations about the outcome of the China-US trade talks. The DXY is up for the eight-day in-a-row, and it just broke above 97.00 for the first time since late December. Gold is falling is also lower today, after rising during the previous three days. 

On Tuesday and Wednesday, inventory data is due. Also important for crude oil prices are the China-US negotiations and the developments around Venezuela.

WTI

Overview:
    Today Last Price: 51.88
    Today Daily change: -1.12 pips
    Today Daily change %: -2.11%
    Today Daily Open: 53
Trends:
    Daily SMA20: 53.39
    Daily SMA50: 51.04
    Daily SMA100: 56.87
    Daily SMA200: 63.15
Levels:
    Previous Daily High: 53.28
    Previous Daily Low: 52.37
    Previous Weekly High: 55.93
    Previous Weekly Low: 52.05
    Previous Monthly High: 55.48
    Previous Monthly Low: 44.52
    Daily Fibonacci 38.2%: 52.93
    Daily Fibonacci 61.8%: 52.72
    Daily Pivot Point S1: 52.49
    Daily Pivot Point S2: 51.97
    Daily Pivot Point S3: 51.58
    Daily Pivot Point R1: 53.4
    Daily Pivot Point R2: 53.79
    Daily Pivot Point R3: 54.31

 

Share: Feed news

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

AUD/USD: Extra gains in the pipeline above 0.6520

AUD/USD: Extra gains in the pipeline above 0.6520

AUD/USD partially reversed Tuesday’s strong pullback and regained the 0.6500 barrier and beyond in response to the sharp post-FOMC pullback in the Greenback on Wednesday.

AUD/USD News

EUR/USD meets support around 1.0650

EUR/USD meets support around 1.0650

EUR/USD managed to surpass the key 1.0700 barrier in response to the intense retracement in the US Dollar in the wake of the Fed’s interest rate decision and Chair Powell’s press conference.

EUR/USD News

Gold surpasses $2,300 as Dollar tumbles

Gold surpasses $2,300 as Dollar tumbles

The precious metal maintains its constructive stance and trespasses the $2,300 region on Wednesday after the Federal Reserve left its FFTR intact, matching market expectations.

Gold News

Bitcoin price reclaims $59K as Fed leaves rates unchanged

Bitcoin price reclaims $59K as Fed leaves rates unchanged

The market was at the edge of its seat on Wednesday to see whether the US Federal Reserve (Fed) would cut interest rates during the Federal Open Market Committee (FOMC) meeting. 

Read more

The market welcomes the Fed's statement

The market welcomes the Fed's statement

The market has welcomed the Fed statement, and the S&P 500 is higher in its aftermath, the dollar is lower and Treasury yields are falling. There is still only one cut priced in by the Fed.

Read more

Forex MAJORS

Cryptocurrencies

Signatures