WTI: Sell-off resumes, September low of $36.13 at risk

  • WTI extends the rout on coronavirus lockdowns in the EU.
  • Rising US crude supplies intensify supply glut worries.
  • US Q3 GDP and virus data to dominate the market sentiment.

Following a brief consolidative stint, WTI (futures on NYMEX) resumes its sell-off in the European session, closing in on the September low of $36.13.

The black gold extends Wednesday’s 5% slide, now shedding about 3% to trade at $36.45. A breach of September lows will expose the bears to the weakest levels since June this year.

The WTI barrel continues to face a double whammy on both the demand and supply fronts. New coronavirus-induced lockdowns in Germany and France put the global economic rebound at risk while weighing on oil, in the wake of dwindling demand for oil and its products.

Meanwhile, growing supply glut worries amid rising US crude stockpiles and resumption of the Libyan oil output continue to dampen the sentiment around the US oil. The Energy Information Administration (EIA) reported that the US crude stockpiles rose by 4.3 million barrels in the week to Oct. 23, a bigger increase than expected, per Reuters.

Looking ahead, the broader market sentiment and the virus data will continue to have a significant impact on the US dollar-denominated oil, as the dollar bulls regain control amid the return of risk-off flows.

WTI technical levels


Today last price 36.45
Today Daily Change -0.88
Today Daily Change % -2.35
Today daily open 37.51
Daily SMA20 39.98
Daily SMA50 40.35
Daily SMA100 40.46
Daily SMA200 38.09
Previous Daily High 39.14
Previous Daily Low 37.11
Previous Weekly High 41.93
Previous Weekly Low 39.65
Previous Monthly High 43.56
Previous Monthly Low 36.43
Daily Fibonacci 38.2% 37.88
Daily Fibonacci 61.8% 38.36
Daily Pivot Point S1 36.7
Daily Pivot Point S2 35.89
Daily Pivot Point S3 34.67
Daily Pivot Point R1 38.72
Daily Pivot Point R2 39.94
Daily Pivot Point R3 40.75



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.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD holds high ground around 1.19 amid buoyant mood

EUR/USD is holding onto gains around 1.19 as markets cheer the US transition and upcoming vaccines. A busy data day awaits traders ahead of the Thanksgiving holiday. 


Gold: Nears the 200-day SMA support

Gold is trading quite close to the widely-followed 200-day Simple Moving Average (SMA) of $1,797. The safe-haven metal is about to test the long-term SMA for the first time since March. A break below that support cannot be ruled out.

Gold news

GBP/USD trades around 1.3350 ahead of Sunak's speech

GBP/USD is trading around 1.3350, consolidating its gains. UK Chancellor Sunak is set to lay out budget plans. Brexit and vaccine news also move the pound ahead of a busy data day.


WTI rally continues despite large US inventory build

Oil has climbed to fresh multi-month highs, extending Tuesday's price gains as optimism emanating from potential coronavirus vaccines overshadows inventory build-up in the US. The API reports a large buildup of inventories in the weeke ended Nov. 20.

Oil News

Black Friday 2020 Discounts!

Learn to trade with the best! Don't miss the most experienced traders and speakers in FXStreet Premium webinars. Also if you are a Premium member you can get real-time FXS Signals and receive daily market analysis with the best forex insights!

More info