WTI trims gains amid US-China trade progress, focus shifts to US data

  • Oil little impressed by US-China trade progress, as rising US output and firmer USD weigh.
  • But OPEC cuts, partial Saudi field outage and Venezuela sanctions to limit the downside.
  • Focus on US industrial production, consumer sentiment and rigs count data for fresh directives.

Oil prices on both sides of Atlantic pause their three-day winning streak and pared gains on Friday, as inconclusive US-China trade talks amid some progress failed to lift the sentiment around the risk assets such as oil. Meanwhile, a broad-based US dollar recovery after yesterday’s bad US retail sales data-led sell-off also collaborated to the latest downside.

However, the buoyant tone around the black gold remains somewhat intact amid increased expectations that the OPEC output cuts will get deeper and lead to tightening global supplies going forward while the partial closure of Saudi Arabia’s Safaniyah, its biggest offshore oil field, also helped keep the downside cushioned.

More so, the US sanctions on Venezuela continue to threaten the Venezuelan oil exports and heighten supply disruption risks, further supporting the bullish sentiment around oil prices.

Looking ahead, attention now turns towards a fresh host of fundamental news due out of the US later on Friday, including the industrial output, UoM consumer sentiment and rigs count data, all of which are likely to have a major bearing on the US oil, WTI.

At the press time, WTI trades +0.24% higher near 54.50 levels while Brent advances +0.40% to hover just below the 65 barrier. Note that Brent oil hit fresh 2019 highs at 65.10 in early Asian trading.

WTI Technical Levels

    Today Last Price: 54.52
    Today Daily change: -7 pips
    Today Daily change %: 0.13%
    Today Daily Open: 54.86
    Daily SMA20: 53.75
    Daily SMA50: 51.15
    Daily SMA100: 56.06
    Daily SMA200: 62.9
    Previous Daily High: 55.08
    Previous Daily Low: 53.53
    Previous Weekly High: 55.93
    Previous Weekly Low: 52.05
    Previous Monthly High: 55.48
    Previous Monthly Low: 44.52
    Daily Fibonacci 38.2%: 54.49
    Daily Fibonacci 61.8%: 54.12
    Daily Pivot Point S1: 53.9
    Daily Pivot Point S2: 52.94
    Daily Pivot Point S3: 52.35
    Daily Pivot Point R1: 55.45
    Daily Pivot Point R2: 56.04
    Daily Pivot Point R3: 57


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 supported at 1.1200 ahead of Eurozone data

EUR/USD managed to retain the 1.12 handle amid broad-based US dollar bullish consolidation, as markets seem to have scaled back expectations of Fed rate cuts. Focus on Eurozone final CPI data.


GBP/USD attempts a bounce again above 1.2400, UK CPI eyed

The latest leg down in the GBP/USD pair found buyers near 1.2380 region, with the rates now attempting another recovery above the 1.24 handle heading into the key UK CPI data release. 


USD/JPY consolidates in a range, comfortably above 108.00 handle

Reviving safe-haven demand underpins JPY and exerts some pressure. Renewed weakness in the US bond yields further weighed on the USD. The downside remains limited amid tempered Fed rate cut expectations.


Gold clings to 21-DMA amid less active markets

Gold carries the 3-week old lower high formation forward as it clings to 21-day moving average (DMA) during Wednesday’s less active market hours ahead of the European session. Lack of major data/news during the Asian session limits market moves.

Gold News

Forex Today: US dollar corrects, US-Japan eye a trade deal, and Bitcoin bounces

US dollar reverses a part of Tuesday’s US retail sales data-led rally. US-Japan are working towards a trade deal by September. Bitcoin recovers, but remains below the 10k mark.

Read more