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 challenges low as trade wars intensify

EUR/USD is battling 1.1150, at the low end of the range. The US-Sino trade war is intensifying with China's Huawei going its own way despite a temporary US reprieve on its operations. Markets are soggy.

EUR/USD News

GBP/USD falls below 1.2700 as May plans her last Brexit attempt

GBP/USD is trading below 1.2700, at fresh four-month lows. UK PM May convenes her cabinet to plan the last attempt to pass Brexit as party members compete to succeed her.

GBP/USD News

USD/JPY: 110.30/35 limits upside towards 4-week old resistance-line

Gradual recovery from 109.00 seems struggling to clear immediate resistance area as USD/JPY trades near 110.20 ahead of Europe open on Tuesday. On the flipside, an upward sloping support-line from May 15 can limit the quote’s immediate declines near 109.80.

USD/JPY News

Gold trades quiet in Asia even though Fed’s Powell warns on corporate debt

Gold is seeing little action in Asia, having formed a doji candle on Monday – a sign of indecision in the market place. The yellow metal is currently flatlined at $1,276 despite cautious comments from Federal Reserve President Jerome Powell. 

Gold News

Anti-EU populism rise not priced in the EUR, European election could hit Euro

The European Union is holding its Parliamentary election next Sunday, May 26th and the impact of this political event seems to be underpriced by currency markets. 

Read more

Majors

Cryptocurrencies

Signatures