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.


    Today Last Price: 51.88
    Today Daily change: -1.12 pips
    Today Daily change %: -2.11%
    Today Daily Open: 53
    Daily SMA20: 53.39
    Daily SMA50: 51.04
    Daily SMA100: 56.87
    Daily SMA200: 63.15
    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


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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD: Weakest daily close since June 2017, focus on US durable goods

EUR/USD looks south toward 1.10, having bolstered the already bearish technical setup with a close below 1.1176 yesterday. The pair took a beating yesterday, courtesy of the broad-based US dollar demand. 


GBP/USD regains 1.2900 handle on Brexit headlines

The GBP/USD pair regains its stand above 1.2900 while heading into the London open on Thursday. Absence of immediate challenge to PM May’s position and a likely Brexit deal voting helps the GBP.


USD/JPY keeps range around 112.00 post-BOJ

USD/JPY has barely moved in response to BOJ’s decision to keep key policy tools unchanged. The downward revision of the growth and inflation forecasts could push the JPY lower during the day ahead. 


US Durable Goods Preview: Where the consumer leads

Durable goods orders are expected to rise 0.8% in March having fallen 1.6% in February. Orders excluding the transportation sector are predicted to gain 0.2%.

Read more

Gold: Bullish divergence on the momentum indicators

Technically, bears can look to break below 200-DMA around the confluence of 1249/50% Fibo area. There is bullish divergence on the momentum indicators such as RSI and stochastics.

Gold News