- Oil prices softly back to open the day, but still well above key support levels.
- Despite OPEC's cuts and US rig declines, a slowing global economy will constrain price growth.
Oil prices continue to remain bid above the key 51.00 level, testing near 51.40 to open the new trading week.
OPEC+'s production constraints are continuing to keep barrel costs bolstered, though further action could be required from the oil conglomerate if further upside is to be seen, as December's rise from multi-year lows sees WTI limited by a rejection from the 53.00 region.
Elsewhere, US oil drillers are reducing their rig counts, further helping to keep prices aloft after US oil producers shuttered four rigs in the week to January 11th, and the total US rig count now stands at 873, but TS Lombardi has noted that flagging oil demand on slowing global growth could see oil prices stabilize for the time being as the scope for upside moves remains limited.
WTI Technical Levels
WTI
Overview:
Today Last Price: 51.8
Today Daily change: -16 pips
Today Daily change %: -0.308%
Today Daily Open: 51.96
Trends:
Previous Daily SMA20: 48.12
Previous Daily SMA50: 51.5
Previous Daily SMA100: 60.54
Previous Daily SMA200: 64.59
Levels:
Previous Daily High: 51.96
Previous Daily Low: 51.96
Previous Weekly High: 53.57
Previous Weekly Low: 48.33
Previous Monthly High: 54.68
Previous Monthly Low: 42.45
Previous Daily Fibonacci 38.2%: 51.96
Previous Daily Fibonacci 61.8%: 51.96
Previous Daily Pivot Point S1: 51.96
Previous Daily Pivot Point S2: 51.96
Previous Daily Pivot Point S3: 51.96
Previous Daily Pivot Point R1: 51.96
Previous Daily Pivot Point R2: 51.96
Previous Daily Pivot Point R3: 51.96
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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks

AUD/USD faces the next hurdle at 0.6400
AUD/USD rose markedly and approached the key 0.6400 hurdle at the beginning of the week, always in response to rising weakness in the US Dollar and hopes of fresh stimulus in China.

EUR/USD keeps the upside target at 1.1000
EUR/USD extended further Friday’s recovery and traded at shouting distance from the YTD peaks near 1.0950 in response to increased selling pressure in the Greenback and the improved political scenario in Germany.

Gold consolidates around $3,000 ahead of Fed
Gold prices has started the week on a positive tone and maintains their trade around the key $3,000 mark per troy ounce on the back of the modest pullback in the Greenback and mixed US yields across the curve,

Crypto markets could gain $1 trillion as Gold price reaches $3,000: Tokenized-Gold expert explains
Tokenized-Gold assets hit a $1.8 billion market cap on Monday after the Gold (XAU) price marked new all-time highs above $3,000 per troy ounce. In an exclusive interview with FXStreet, RAAC CEO Kevin Rusher explains how tokenized Gold assets could impact the next crypto market recovery phase.

Five Fundamentals for the week: Fed leads central bank parade as uncertainty remains extreme Premium
Central bank bonanza – perhaps its is not as exciting as comments from the White House, but central banks still have sway. They have a chance to share insights about the impact of tariffs, especially when they come from the world's most powerful central bank, the Fed.

The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.