WTI trims losses, re-takes $ 52.50 amid US-China trade optimism


  • Bulls rescued by risk-on action in European equities amid US-China trade optimism.
  • Recovery appears shallow on rising US rigs count, demand concerns.

WTI (oil futures on NYMEX) kicked-off the week on a negative note and remained on the back foot, as the sentiment was dented by a rise in the US rigs count while a shutdown of a large crude distillation unit in the US state of Illinois fuelled crude demand concerns.  

The Baker Hughes oilfield services data showed on Friday that the US energy firms added seven oil rigs in the week to February 8, bringing the total count to 854, pointing to a further rise in US crude production.

However, over the last hour, the black gold is seen making some minor recovery attempts on the back of an improvement in the appetite for the risk assets such as oil, equities etc, as the European traders remain optimistic over the progress on the US-China trade front. The US delegation has already arrived in Beijing today for pre-negotiations ahead of the key meeting on the trade talks on February, 14th and 15th.

Looking ahead, markets eagerly await the releases of the US crude supplies report due out on Tuesday and Wednesday for further trading impetus for the oil markets. Meanwhile, the developments surrounding the US-China trade talks will continue to play a pivotal in the oil price-action. Note that China is the world’s second-biggest oil consumer.

WTI Technical Levels

Overview:
    Today Last Price: 52.50
    Today Daily change: 18 pips
    Today Daily change %: -0.34%
    Today Daily Open: 53
Trends:
    Daily SMA20: 53.39
    Daily SMA50: 51.04
    Daily SMA100: 56.87
    Daily SMA200: 63.15
Levels:
    Previous Daily High: 53.28
    Previous Daily Low: 52.37
    Previous Weekly High: 55.93
    Previous Weekly Low: 52.05
    Previous Monthly High: 55.48
    Previous Monthly Low: 44.52
    Daily Fibonacci 38.2%: 52.93
    Daily Fibonacci 61.8%: 52.72
    Daily Pivot Point S1: 52.49
    Daily Pivot Point S2: 51.97
    Daily Pivot Point S3: 51.58
    Daily Pivot Point R1: 53.4
    Daily Pivot Point R2: 53.79
    Daily Pivot Point R3: 54.31

 

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 extends decline, below pre-ECB levels

The EUR/USD pair is piercing the 1.1000 figure amid persistent demand for the greenback in a risk-averse environment. Trade tensions between the US and the EU and oil´s production disruption behind the run to safety.

EUR/USD News

GBP/USD flirts with 1.2400 on a stronger dollar, Brexit news

The GBP/USD pair is under pressure not only because a stronger dollar, but also due to headlines indicating no progress in UK-EU negotiations after PM Johnson met with his Luxembourg counterpart.

 

 

GBP/USD News

USD/JPY rebounds to 108 area despite falling US stocks

The USD/JPY started the week under pressure as reports of drone and missile attacks on Saudi oil facilities triggered an intense flight-to-safety during the Asian trading hours.

USD/JPY News

Gold consolidates daily gains, just above $1500 mark

Gold held steady above the key $1500 psychological mark through the mid-European session on Monday and was seen consolidating the weekly bullish gap of around 1%.
 

Gold News

Top 3 price prediction Bitcoin, Ripple, Ethereum: Altcoins’ pre-season knocks on doors

As is customary in the Cryptocurrencies market, weekend trading results in significant movements. On this occasion, it is the Altcoin segment – and especially Ethereum –  that opens Monday's session with a considerable gain over Friday's close.

Read more

Forex MAJORS

Cryptocurrencies

Signatures