WTI stuck in tight range below $ 57.50, EIA data in focus

Bulls face exhaustion, as global economic slowdown worries linger.
Eyes EIA data for fresh directives amid OPEC supply cuts and US sanctions on Iran and Venezuela.

WTI (oil futures on NYMEX) is seen fluctuating between gains and losses so far this European session, testing the 57.00 demand zone once again following the failed attempt to regain the 57.50 upside barrier.

The bears continue to guard the last, as the sentiment around the black gold remains dampened by mounting global economic slowdown fears, especially after the Eurozone and German manufacturing activity contracted this month.

However, the bulls continue to fight for control amid increased hopes of the US-China trade resolution while a smaller-than-expected increase in the US crude stockpiles, as reported by the API, also helps keep the buoyant tone intact around the commodity.

Further, deepening OPEC output cuts combined with the US sanctions on Iran and Venezuela continue to threaten global supplies, which eventually is acting as oil positive over the last few trading sessions.

Markets now look forward to the official US government oil stockpiles and production data due to be published by the Energy Information Administration (EIA) later on Thursday.

WTI Technical Levels

Overview:
    Today Last Price: 57.20
    Today Daily change: -3 pips
    Today Daily change %: -0.05%
    Today Daily Open: 57.31
Trends:
    Daily SMA20: 54.37
    Daily SMA50: 51.53
    Daily SMA100: 55.44
    Daily SMA200: 62.73
Levels:
    Previous Daily High: 57.65
    Previous Daily Low: 55.85
    Previous Weekly High: 56.22
    Previous Weekly Low: 51.56
    Previous Monthly High: 55.48
    Previous Monthly Low: 44.52
    Daily Fibonacci 38.2%: 56.96
    Daily Fibonacci 61.8%: 56.54
    Daily Pivot Point S1: 56.22
    Daily Pivot Point S2: 55.14
    Daily Pivot Point S3: 54.42
    Daily Pivot Point R1: 58.02
    Daily Pivot Point R2: 58.74
    Daily Pivot Point R3: 59.82

Share: Feed news

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.