WTI trades below $58 despite larger-than-expected draw in US crude oil stocks

  • OPEC cuts 2020 global oil demand growth forecast by 60,000 bpd.
  • EIA reports a draw of 6.9 million barrels in US crude oil stocks.

Crude oil prices struggled to capitalize on the Energy Information Administration's (EIA) weekly oil market report and the barrel of West Texas Intermediate (WTI) continues to trade in the negative territory.

The EIA today announced that commercial crude oil inventories in the US decreased by 6.9 million barrels in the week ending September 6 compared to analysts estimates for a draw of 2.6 million barrels.

Although a larger-than-expected draw in crude oil stocks usually boosts crude oil prices, worries over a dismal global energy demand outlook didn't allow that. As of writing, the barrel of WTI was down 0.55% on the day at $57.50.

OPEC points to negative impact of economic slowdown on oil demand

In its monthly report earlier today, OPEC today said that it cut its forecast for 2020 global oil demand growth by 60,000 barrels per day to 1.08 million barrels per day citing global economic slowdown. Regarding the global oil supply, "Strong growth in non-OPEC supply in 2019-2020 highlights need for producers to support market stability to avoid potential oversupply," OPEC noted.

Technical levels to watch for


Today last price 57.71
Today Daily Change -0.09
Today Daily Change % -0.16
Today daily open 57.8
Daily SMA20 55.54
Daily SMA50 56.2
Daily SMA100 57.43
Daily SMA200 56.41
Previous Daily High 58.66
Previous Daily Low 57.12
Previous Weekly High 57.63
Previous Weekly Low 52.77
Previous Monthly High 58.02
Previous Monthly Low 50.51
Daily Fibonacci 38.2% 57.71
Daily Fibonacci 61.8% 58.07
Daily Pivot Point S1 57.06
Daily Pivot Point S2 56.32
Daily Pivot Point S3 55.52
Daily Pivot Point R1 58.6
Daily Pivot Point R2 59.4
Daily Pivot Point R3 60.14



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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD nears weekly highs as risk-on returns

The EUR/USD pair was dragged higher by a soaring Pound, now hovering around 1.1040. The market is all about sentiment, and this last dependent on Brexit and the US-China trade relationship.



GBP/USD pulls back from multi-month top amid mixed Brexit news

With Brexit tensions on paramount, GBP/USD awaits confirmation of recent rally while taking a step back to 1.2760 amid the initial Asian trading session on Wednesday. DUP, Tory and Irish members seem to dislike the UK PM’s Brexit deal.


USD/JPY in search of a firm direction, stuck in a range below mid-108.00s

The prevalent risk-on mood weighed on the JPY’s safe-haven status and extended support. A sharp fall in the US bond yields undermined the USD and failed to impress bullish traders.


Gold slumps to $1,480 area on Brexit hopes

The troy ounce of the precious metal continued to weaken in USD terms in the American trading hours as markets cheered reports claiming that the European Union (EU) and the United Kingdom (UK) are closing in on a draft Brexit deal that could be announced before the end of the day on Tuesday.

Gold News

Cryptos: Incumbents don't know to play well

The Libra project led by Facebook remains on track despite the first defections. Those who have abandoned the project are mostly payment gateways. Bitcoin's lack of tone weighs on Ethereum's mood.

Read more