WTI stuck in range below $ 53 ahead of US data

Oil keeps mild recovery gains, still remains vulnerable below 52.00.

Dhwani Mehta FXStreet

All eyes remain on the US Payrolls and Oil Rigs Count data for fresh direction.

WTI (oil futures on NYMEX) trades in a narrow range in the upper bound of the 52 handle so far this Friday, consolidating the recovery following Thursday’s sharp drop to the 51 handle.

Despite the moderate advance, the bulls remain cautious amid reduced appetite for the risk assets such as oil, as we progress towards the key event risk for today, the US Labor market report, that may have a significant impact on the dollar trades, in turn influencing the USD-denominated oil.

The prices remain on track for a big weekly loss, in the face of rising fears that the global economic downturn will heavily temper the oil demand growth prospects. Moreover, swelling US crude inventories combined with the restoration of the Saudi oil production capacity continue to keep the sentiment around the barrel of WTI undermined.

Markets now await the US employment data and Baker Hughes US Oil Rigs Count data for near-term trading direction in the prices. Also, the trade and US political headlines could drive the oil market sentiment going forward.

WTI Levels to watch

WTI

Overview
Today last price	52.76
Today Daily Change	0.39
Today Daily Change %	0.74
Today daily open	52.47

Trends
Daily SMA20	56.64
Daily SMA50	55.8
Daily SMA100	56.38
Daily SMA200	57.03

Levels
Previous Daily High	53.1
Previous Daily Low	51.19
Previous Weekly High	59.37
Previous Weekly Low	54.97
Previous Monthly High	63.13
Previous Monthly Low	52.77
Daily Fibonacci 38.2%	51.92
Daily Fibonacci 61.8%	52.37
Daily Pivot Point S1	51.41
Daily Pivot Point S2	50.34
Daily Pivot Point S3	49.5
Daily Pivot Point R1	53.32
Daily Pivot Point R2	54.16
Daily Pivot Point R3	55.23

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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