WTI rises 2% above $ 55.50 as recession fears ebb, US rigs data eyed

Oil cheers risk recovery, as better US data offset recession woes.
Swelling US crude inventories, US-China trade anxiety to cap upside?
Markets await fresh US Rigs Count data for next direction.

Dhwani Mehta FXStreet

WTI (futures on Nymex) is seen building on its Thursday’s recovery, now extending gains beyond the 55 handle, as oil traders benefit from an improvement in the risk sentiment amid receding US recession fears and rallying Treasury yields.

Further, expectations the OPEC+ will continue its efforts to balance the market and support the prices, add to the bullish moves in the black gold, as the bulls gear up for a test of 57 levels once again amid ongoing geopolitical concerns between the UK and Iran over the tanker incident.

Will it sustain the upside ahead of US data?

Despite the bullish momentum, the unexpected build in the US crude stockpiles, as shown by the Energy Information Administration (EIA) on Wednesday, combined with oil demand growth concerns amid ongoing US-China trade spat could keep the upside in check.

The immediate focus now shifts towards the US Consumer Sentiment Index and Baker Hughes Oil Rigs Count data due later in the NA session for a fresh trading impetus.

WTI Levels to watch

WTI

Overview
Today last price	55.56
Today Daily Change	0.88
Today Daily Change %	1.61
Today daily open	54.63

Trends
Daily SMA20	55.48
Daily SMA50	56.2
Daily SMA100	58.87
Daily SMA200	56.21

Levels
Previous Daily High	55.32
Previous Daily Low	53.77
Previous Weekly High	55.53
Previous Weekly Low	50.51
Previous Monthly High	60.99
Previous Monthly Low	54.87
Daily Fibonacci 38.2%	54.36
Daily Fibonacci 61.8%	54.73
Daily Pivot Point S1	53.83
Daily Pivot Point S2	53.02
Daily Pivot Point S3	52.28
Daily Pivot Point R1	55.38
Daily Pivot Point R2	56.12
Daily Pivot Point R3	56.93

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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