WTI stalls corrective slide, regains $ 66 ahead of EIA data

Bulls taking back charge, buoyed by rising US-Iran geopolitical tensions.
A bigger-than-expected build in the US API crude inventories weigh.
All eyes on the US EIA crude stockpiles data for fresh direction.

Dhwani Mehta FXStreet

WTI (oil futures on NYMEX) is seen reversing its corrective slide to 65.80 levels, as the bulls are back in control and regain the 66 handle, as the sentiment remains underpinned by the latest upbeat comments from the Saudi Arabian Energy Minister Al-Falih while the ongoing geopolitical tensions between the US also remain oil-supportive.

Al-Falih said that he thinks that “there will be an uptick in real demand but most likely we will keep some level of oil production management beyond June.”

Meanwhile, in evidence of intensifying tensions between the US and Iran, the Iranian Supreme Leader Khamenei said that “Iran is willing to negotiate with America only when the US lifts pressure and apologizes.”

On Monday, the US announced its decision to call off the sanction waivers on the Iranian oil importers, with the Asian buyers likely to be the most hit.

Despite the latest leg up, markets remain wary after the US American Petroleum Institute (API) weekly crude inventory report showed on Tuesday that the US crude stocks rose by 6.9 million barrels last week, more than expected.

Further, the recent broad USD strength could also keep the recovery limited in the USD-sensitive oil, as attention now turns towards the US EIA fuel stockpiles data due later today at 1430 GMT.

WTI Technical Levels

WTI

Overview
Today last price	66.06
Today Daily Change	-0.11
Today Daily Change %	-0.17
Today daily open	66.17

Trends
Daily SMA20	63.23
Daily SMA50	59.73
Daily SMA100	55.39
Daily SMA200	60.58

Levels
Previous Daily High	66.57
Previous Daily Low	65.57
Previous Weekly High	64.72
Previous Weekly Low	63.14
Previous Monthly High	60.78
Previous Monthly Low	54.79
Daily Fibonacci 38.2%	66.19
Daily Fibonacci 61.8%	65.95
Daily Pivot Point S1	65.64
Daily Pivot Point S2	65.1
Daily Pivot Point S3	64.64
Daily Pivot Point R1	66.64
Daily Pivot Point R2	67.1
Daily Pivot Point R3	67.64

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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