WTI rises toward $53.50 in post-settlement after API reports surprise draw in crude stocks

Eren Sengezer FXStreet

After settling near $53, the barrel of West Texas Intermediate gained traction in the post-settlement trade after the weekly report published by the American Petroleum Institue showed a surprise draw in crude oil stocks in the U.S. As of writing, the barrel of WTI was up 1.76% on the day at $53.68.

"Crude inventories fell by 998,000 barrels in the week to Feb. 8 to 447.2 million, compared with analysts' expectations for an increase of 2.7 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 502,000 barrels, API said," Reuters reported.

Earlier in the day, OPEC's monthly revealed that the crude oil output in January decreased 800,000 barrels per day to 30.81 million barrels per day and provided the initial boost to crude oil prices. Additionally, heightened optimism surrounding the U.S.-China trade talks supported crude oil's daily rally.

WTI

Overview:
    Today Last Price: 53.68
    Today Daily change %: 1.76%
    Today Daily Open: 52.75
Trends:
    Daily SMA20: 53.47
    Daily SMA50: 51.03
    Daily SMA100: 56.65
    Daily SMA200: 63.08
Levels:
    Previous Daily High: 53.07
    Previous Daily Low: 51.56
    Previous Weekly High: 55.93
    Previous Weekly Low: 52.05
    Previous Monthly High: 55.48
    Previous Monthly Low: 44.52
    Daily Fibonacci 38.2%: 52.14
    Daily Fibonacci 61.8%: 52.49
    Daily Pivot Point S1: 51.85
    Daily Pivot Point S2: 50.95
    Daily Pivot Point S3: 50.34
    Daily Pivot Point R1: 53.36
    Daily Pivot Point R2: 53.97
    Daily Pivot Point R3: 54.87

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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