WTI trades flat around $47.50 ahead of EIA report

WTI turns quiet after closing first two days of the week higher.
Two oil terminals in Libya are closed due to bad weather.
Eyes on the US Energy Information Administration's weekly report.

Eren Sengezer FXStreet

Crude oil prices rose during the first two days of the week as the coronavirus vaccine rollout and US stimulus optimism allowed investors to continue to price a steady recovery in global oil demand.

WTI rally pauses on Wednesday

After advancing to its highest level since early March at $47.87, however, the barrel of West Texas Intermediate (WTI) has gone into a consolidation phase and was last seen trading flat on the day at $47.56.

Earlier in the day, Libya's National Oil Corporation (NOC) media office stated that es-Sider and Zueitina oil terminals were closed on Wednesday due to bad weather, as reported by Reuters. This development seems to be helping the WTI limit its downside for the time being.

During the American trading hours, the US Energy Information Administration (EIA) will release its weekly Crude Oil Stocks Change data for the week ending December 11th.

Meanwhile, investors will keep a close eye on headlines surrounding the US stimulus talks. On Tuesday, US Senate Majority Leader Mitch McConnell said progress was made in negotiations with Democrats and urged all lawmakers to come together around a deal.

Technical levels to watch for

WTI

Overview
Today last price	47.76
Today Daily Change	0.01
Today Daily Change %	0.02
Today daily open	47.75

Trends
Daily SMA20	45.18
Daily SMA50	41.99
Daily SMA100	41.44
Daily SMA200	36.69

Levels
Previous Daily High	47.88
Previous Daily Low	46.71
Previous Weekly High	47.85
Previous Weekly Low	45.1
Previous Monthly High	46.31
Previous Monthly Low	33.85
Daily Fibonacci 38.2%	47.44
Daily Fibonacci 61.8%	47.16
Daily Pivot Point S1	47.01
Daily Pivot Point S2	46.28
Daily Pivot Point S3	45.84
Daily Pivot Point R1	48.18
Daily Pivot Point R2	48.62
Daily Pivot Point R3	49.36

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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