|

WTI under pressure near $50.20

Crude oil prices are giving away part of Friday’s advance, now taking the West Texas Intermediate back to the vicinity of the $50.00 mark per barrel.

WTI focus on data, Fedspeak

Prices for the black gold are shedding nearly $2 after reaching fresh 2016 highs near the $52.00 mark during last week.

Speculations on a probable deal regarding an output freeze at the November OPEC meeting in Vienna continue to drive the sentiment around traders, while the declining trend in crude oil inventories seen in recent weeks keep adding buoyancy to prices.

Ahead in the session, the greenback will be in the limelight as FOMC’s J.Powell (permanent voter, neutral) is due to speak.

According to the latest CFTC report, WTI speculative net longs have declined a tad during the week ended on October 18, although they still remain in highs seen in the summer 2014, when the barrel was around $100.00.

WTI levels to consider

At the moment the barrel of WTI is retreating 1.18% at $50.25 facing the next support at $50.09 (20-day sma) ahead of $49.15 (low Oct.10) and finally $47.23 (55-day sma). On the flip side, a breakout of $51.93 (2016 high Oct.19) would aim for $53.89 (high Jul.10 2015) and then $62.58 (high May 6 2015).

Author

Pablo Piovano

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

More from Pablo Piovano
Share:

Editor's Picks

EUR/USD holds steady above 1.1850 as markets eye Eurozone GDP, US CPI inflation releases

The EUR/USD pair trades on a flat note near 1.1870 during the early Asian session on Friday. The major pair steadies amid mixed signals from the latest release of US economic indicators. Traders await the preliminary reading of the Eurozone Gross Domestic Product for the fourth quarter and US inflation data, which are published later on Friday.  

GBP/USD consolidates around 1.3600 vs. USD; looks to US CPI for fresh impetus

The GBP/USD pair remains on the defensive through the Asian session on Friday, though it lacks bearish conviction and holds above the 1.3600 mark as traders await the release of the US consumer inflation figures before placing directional bets.

Gold: Will US CPI data trigger a range breakout?

Gold retakes $5,000 early Friday amid a turnaround from weekly lows as US CPI data loom. The US Dollar consolidates weekly losses as AI concerns-driven risk-off mood stalls downside. Technically, Gold appears primed for a big range breakout, with risks skewed toward a bullish break.

Bitcoin, Ethereum and Ripple stay weak as bearish momentum persists

Bitcoin, Ethereum and Ripple remain under pressure, extending losses of over 5%, 6% and 4%, respectively, so far this week. BTC trades below $67,000 while ETH and XRP correct after facing rejection around key levels. With bearish momentum persisting and prices staying weak, the top three cryptocurrencies continue to show no clear signs of a sustained recovery.

A tale of two labour markets: Headline strength masks underlying weakness

Undoubtedly, yesterday’s delayed US January jobs report delivered a strong headline – one that surpassed most estimates. However, optimism quickly faded amid sobering benchmark revisions.

Aster Price Forecast: Demand sparks on Binance Wallet partnership for on-chain perpetuals

Aster is up roughly 9% so far on Thursday, hinting at the breakout of a crucial resistance level. Aster partners up with Binance wallet for the second season of the on-chain perpetuals challenge.