- Prices of WTI trades directionless around $53.00 today.
- OPEC likely to extend the output cut deal.
- US oil rig count coming up next.
Prices of the West Texas Intermediate are trading within a tight range around the $53.00 mark per barrel at the end of the week.
WTI now looks to data
Crude oil prices are navigating the lower bound of the recent range after the sharp sell-off since mid-May appears to have met decent contention in yesterday’s lows just above the key $50.00 mark.
WTI kept the composure today after Saudi Energy Minister said the oil cartel has already agreed on an extension of the ongoing deal to curb the oil production, although he talked down the likeliness of deeper cuts.
Later in the day, driller Baker Hughes will release its weekly report on oil rig count.
What to look for around WTI
Prices of the barrel of the West Texas Intermediate remain well into the defensive territory, declining for the third week in a row so far. Increasing trade concerns have been weighing on traders’ sentiment, offsetting positive factors such as the current OPEC+ deal to curb production, the tighter market and geopolitical effervescence. The focus of attention remains on the US-China-Mexico trade front and the upcoming G20 meeting, where President Trump could announce further tariffs on China.
WTI significant levels
At the moment the barrel of WTI is gaining 0.08% at $53.07 and a break above $54.33 (50% Fibo of the December-April rally) would aim for $58.46 (100-day SMA) and finally $59.57 (200-day SMA). On the other hand, the next support aligns at $50.54 (monthly low Jun.5) seconded by $47.39 (78.6% Fibo of the December-April rally) and finally $44.23 (2019 low Jan.2).
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD turns negative near 1.0760
The sudden bout of strength in the Greenback sponsored the resurgence of the selling pressure in the risk complex, dragging EUR/USD to the area of daily lows near 1.0760.
GBP/USD comes under pressure and challenges 1.2500
GBP/USD now rapidly loses momentum and gives away initial gains, returning to the 1.2500 region on the back of the strong comeback of the US Dollar.
Gold retreats from highs on stronger Dollar, yields
XAU/USD trims part of its initial advance in response to the jump in the Dollar's buying interest and the re-emergence of the upside pressure in US yields.
XRP tests support at $0.50 as Ripple joins alliance to work on blockchain recovery
XRP trades around $0.5174 early on Friday, wiping out gains from earlier in the week, as Ripple announced it has joined an alliance to support digital asset recovery alongside Hedera and the Algorand Foundation.
Week ahead – US inflation numbers to shake Fed rate cut bets
Fed rate-cut speculators rest hopes on US inflation data. After dovish BoE, pound traders turn to UK job numbers. Will a strong labor market convince the RBA to hike? More Chinese data on tap amid signs of slow Q2 start.