WTI rises to 12-day highs above $56.50 on easing trade worries

USTR says tariffs on some Chinese products will be delayed until December 15.
Crude oil reacts positively on hopes of strong demand.
Coming up: API's weekly crude oil stock report.

Eren Sengezer FXStreet

Crude oil prices gained traction in the last hour as the latest developments surrounding the US-China trade dispute eased concerns over a prolonged conflict and its potential negative impact on the energy demand outlook. As of writing, the barrel of West Texas Intermediate was trading at $56.80, rising 3.7% on a daily basis.

Progress in US-China trade talks

The US Trade Representative's (USTR) office today said that they have decided to delay additional 10% tariffs on a list of Chinese imports until December 15 ahead of the next round of face-to-face talks in September in Washington. According to the statement, tariff exemptions will include a variety of consumer electronics such as laptop computers, monitors and game consoles as well as footwear and clothing items.

Additionally, Chinese news agency Xinhua earlier today reported that USTR Lighthizer and US Treasury Secretary Mnuchin talked on the phone with China's Vice Premier Liu, pointing to progress toward a potential trade deal.

Later in the session, the American Petroleum Institue's weekly crude oil stock report will be looked upon for fresh impetus.

Technical levels to watch for

WTI

Overview
Today last price	56.69
Today Daily Change	2.00
Today Daily Change %	3.66
Today daily open	54.69

Trends
Daily SMA20	55.67
Daily SMA50	56.04
Daily SMA100	59
Daily SMA200	56.26

Levels
Previous Daily High	55.07
Previous Daily Low	53.48
Previous Weekly High	55.53
Previous Weekly Low	50.51
Previous Monthly High	60.99
Previous Monthly Low	54.87
Daily Fibonacci 38.2%	54.46
Daily Fibonacci 61.8%	54.09
Daily Pivot Point S1	53.76
Daily Pivot Point S2	52.82
Daily Pivot Point S3	52.17
Daily Pivot Point R1	55.35
Daily Pivot Point R2	56
Daily Pivot Point R3	56.94

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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