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.

Pablo Piovano FXStreet

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

FXStreet

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

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