WTI testing daily highs around $71.00

  • Crude oil prices are inching higher on Monday around $71.00.
  • Traders’ focus remain on Iran and potential US sanctions.
  • API, EIA reports coming in next on Tuesday and Wednesday.

Prices of the barrel of American benchmark for the sweet light crude oil are resuming the upbeat mood today and regaining the $71.00 neighbnourhood.

WTI looks to data

The West Texas Intermediate is trading on a firm note at the beginning of the week after two consecutive daily declines, coming down from last week’s YTD peaks in the boundaries of the $72.00 mark per barrel.

The likelihood of US sanctions against Iran continues to underpin the sentiment among traders and so far keeps occasional dips shallow.

WTI has reverted the initial negative sentiment as trader were adjusting to another uptick in US oil rig count, as per Friday’s report by driller Baker Hughes coupled with increasing US oil production.

Looking ahead, the usual weekly reports by the API (Tuesday) and the EIA (Wednesday) will be in the limelight.

On the positioning front, crude oil speculative net longs dropped to the lowest level since March 13 during the week ended on May 8, as per the latest CFTC report.

WTI significant levels

At the moment the barrel of WTI is up 0.64% at $70.97 and a breach of $69.80 (10-day sma) would aim for $68.55 (21-day sma) and finally $66.86 (low May 1). On the other hand, the next up barrier emerges at $71.86 (2018 high May 10) followed by $72.00 (psychological level).

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.

Feed news

GME stock positioned for another short squeeze

Get the full analysis and chart in our Insights. Upgrade to Premium today    

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD loses 1.21 as the dollar extends its gains

EUR/USD has dipped below 1.21, some 70 pips down on the day as the dollar recovers alongside Treasury yields. US Consumer Sentiment beat estimates with 86.4 points. 


GBP/USD retreats amid UK GDP miss, reopening concerns

GBP/USD is hovering around 1.4150, down on the day. UK GDP missed with 2.3% in April and a four-week delay to Britain's reopening is speculated. The greenback is gaining some ground.


XAU/USD drops back below $1900, as US dollar rebounds ahead of data

Gold price has retraced below the $1900 mark once again, having tested Tuesday’s high near $1903. The latest leg down in gold price comes on the back of a tepid bounce staged by the US dollar, as the Treasury yields trim losses across the curve.

Gold News

Ethereum price prepares for a bullish weekend, targeting $3,000

Ethereum price seems prime to revisit $3,000. Although ETH faces resistance at $2,300, the upswing seems imminent. A downswing below $2,000 could invalidate the bullish thesis. 

Read more

Hot Inflation is warming the seat for the June FOMC

Americans are seeing the fastest price increases since their seventh-graders were born as inflation builds into the US economy from the disruptions of the pandemic lockdowns. Core CPI at 3.8% is the steepest gain in 29 years.

Read more