|

WTI struggles for direction around $69.00

  • The barrel of WTI keeps gyrating around the $69.00 mark.
  • Downbeat sentiment persists around crude oil today.
  • Larger than expected US supplies weigh on traders’ mood.

Prices of the barrel of the West Texas Intermediate are trading within a tight range so far this week, always below the $69.00 mark for the time being.

WTI looks to data

Prices of WTI are navigating fresh 5-week lows in the $69.00 neighbourhood at the end of the week, always amidst the continuation of the buying interest around the greenback while the recent report by the EIA also keeps weighing on sentiment.

It is worth recalling that the EIA reported on Wednesday that US crude oil supplies rose by nearly 6.5 million barrels during last week.

In fact, the unexpected weekly build in US crude oil stockpiles manages somewhat to eclipse geopolitical concerns involving the US and Saudi Arabia over the recent murder of journalist J.Khashoggi as well as potential supply disruptions deriving from sanctions against Iranian oil exports.

Looking ahead, driller Baker Hughes will publish its weekly report on US oil rig count.

WTI significant levels

At the moment the barrel of WTI is up 0.36% at $68.92 facing the next hurdle at $70.28 (55-day SMA) seconded by $71.68 (10-day SMA) and finally $72.49 (high Oct.16). On the downside, a breakdown of $68.53 (low Oct.18) would aim for $67.59 (200-day SMA) and then $67.23 (low Sep.7).

Author

Pablo Piovano

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

More from Pablo Piovano
Share:

Editor's Picks

EUR/USD looks offered below 1.1900

EUR/USD keeps its bearish tone unchanged ahead of the opening bell in Asia, returning to the sub-1.1900 region following a firmer tone in the US Dollar. Indeed, the pair reverses two consecutive daily gains amid steady caution ahead of Wednesday’s key US Nonfarm Payrolls release.
 

GBP/USD slips back to daily lows near 1.3640

GBP/USD drops to daily lows near 1.3640 as sellers push harder and the Greenback extends its rebound in the latter part of Tuesday’s session. Looking ahead, the combination of key US releases, including NFP and CPI, alongside important UK data, should keep the pound firmly in focus over the coming days.

Gold the battle of wills continues with bulls not ready to give up

Gold remains on the defensive and approaches the key $5,000 region per troy ounce on Tuesday, giving back part of its recent two day. The precious metal’s pullback unfolds against a firmer tone in the US Dollar, declining US Treasury yields and steady caution ahead of upcoming key US data releases.

Bitcoin's downtrend caused by ETF redemptions and AI rotation: Wintermute

Bitcoin's (BTC) fall from grace since the October 10 leverage flush has been spearheaded by sustained ETF outflows and a rotation into the AI narrative, according to Wintermute.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.