WTI climbs to three-week highs above $53 ahead of API


  • US imposes new sanctions on Venezuela by blacklisting Rosneft subsidiary. 
  • Easing coronavirus fears provide a boost to risk-sensitive commodities.
  • Coming up: API's Weekly Crude Oil Stock data at 21:30 GMT.

Crude oil prices continued to push higher and the barrel of West Texas Intermediate (WTI) touched its highest level since January 29th at $53.35. As of writing, the WTI was trading at $53.15, adding 2.05% on a daily basis.

On Tuesday, the US has announced its decision to impose new sanctions on Venezuela by blacklisting a subsidiary of Russian state oil major Rosneft. This development was assessed as a factor that will cut more crude oil from the market and provided a boost to the WTI.

Risk sentiment improves on Wednesday

In the meantime, easing worries over the coronavirus outbreak weighing heavily on the global energy demand is helping the risk-related commodities' prices push higher.

The People's Bank of China (PBoC) on Tuesday said the impact of the coronavirus on the economy is expected to be limited and added the fundamentals of the economy had not changed. Moreover, Chinese authorities have reported that the pace of contagion outside the Hubei province had slowed.

Later in the session, the American Petroleum Institue (API) will release its Weekly Crude Oil Stock report.

Technical levels to consider

WTI

Overview
Today last price 53.41
Today Daily Change 1.09
Today Daily Change % 2.08
Today daily open 52.32
 
Trends
Daily SMA20 52.19
Daily SMA50 56.97
Daily SMA100 56.38
Daily SMA200 56.55
 
Levels
Previous Daily High 52.46
Previous Daily Low 51.18
Previous Weekly High 52.54
Previous Weekly Low 49.59
Previous Monthly High 65.45
Previous Monthly Low 51.05
Daily Fibonacci 38.2% 51.67
Daily Fibonacci 61.8% 51.97
Daily Pivot Point S1 51.51
Daily Pivot Point S2 50.71
Daily Pivot Point S3 50.23
Daily Pivot Point R1 52.79
Daily Pivot Point R2 53.26
Daily Pivot Point R3 54.07

 

 

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