WTI testing offers near $ 58.50 ahead of US data, EIA

Oil struggles to extend the upside despite trade deal hopes.
Bearish API crude inventory report continues to weigh on the prices.
Markets await US macro news and fresh US-Sino trade updates.

Dhwani Mehta FXStreet

WTI (oil futures on NYMEX) extends the steady rise from the Asian session lows of 58.16, although struggles to take-out the 58.50 resistance, as the bears continue to find some support from the overnight build in the US Crude Stocks, according to the latest data published by the American Petroleum Institute (API).

The industry group showed that US crude stocks rose by 3.6 million barrels in the week to Nov. 22 to 449.6 million, compared with expectations for a decrease of 418,000 barrels, as cited by Reuters.

Further, a modest pick-up in the US Treasury yields is propping up the US dollar higher against its main competitors, which in turn seems to be capping the upside attempts in the black gold. A stronger greenback usually makes the USD-denominated oil more expensive for foreign buyers.

However, the oil bulls are kept alive amid ongoing US-China trade deal optimism that underpins the broader market sentiment. European stocks are posting mild gains while S&P 500 futures have also turned northwards.

Attention now turns towards a fresh batch of US economic data for fresh dollar trades. The US Energy Information Administration’s (EIA) official Crude Stocks data, due at 1530 GMT, will also offer a fresh trading impulse while the main market mover is likely to be the trade developments.

WTI Levels to watch

WTI

Overview
Today last price	58.43
Today Daily Change	0.10
Today Daily Change %	0.17
Today daily open	58.37

Trends
Daily SMA20	56.93
Daily SMA50	55.79
Daily SMA100	55.97
Daily SMA200	57.63

Levels
Previous Daily High	58.59
Previous Daily Low	57.81
Previous Weekly High	58.76
Previous Weekly Low	54.89
Previous Monthly High	56.97
Previous Monthly Low	51.19
Daily Fibonacci 38.2%	58.29
Daily Fibonacci 61.8%	58.11
Daily Pivot Point S1	57.92
Daily Pivot Point S2	57.48
Daily Pivot Point S3	57.14
Daily Pivot Point R1	58.7
Daily Pivot Point R2	59.04
Daily Pivot Point R3	59.48

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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