WTI: Steady near $ 52.50 in Asia, focus on EIA data

OPEC output cuts, potential Venezuela sanctions and risk-on underpin.
Attention turns towards US EIA crude stockpiles for near-term trading opportunities.

Dhwani Mehta FXStreet

WTI (oil futures on NYMEX) kicks-off Thursday’s Asian session on the front foot amid fresh optimism over the US-China trade talks that boosted the appetite towards the higher-yielding oil while the US stocks also managed to close into the green zone.

The risk-on sentiment offset the recent bearish API crude stockpiles data, leaving the black gold somewhat underpinned. The latest API data released showed that the US crude inventories increased 6.6 million barrels, compared with analysts’ expectations for a decrease of 42,000 barrels, Reuters reports.

Meanwhile, markets digest the latest reports of potential US sanctions on Venezuela’s crude oil exports, which could make the oil markets tighter, with the OPEC output cuts already underway.

On Wednesday, oil prices slipped nearly 1% on the reports that the European Union (EU) is considering to circumvent US trade sanctions against Iran while weaker US gasoline prices further added to the weight on the US oil.

Markets now look forward to the release of the EIA crude stockpiles data due later today at for fresh trading impetus.

WTI Technical Levels

WTI

Overview:
    Today Last Price: 52.54
    Today Daily change: 9 pips
    Today Daily change %: 0.17%
    Today Daily Open: 52.45
Trends:
    Daily SMA20: 50.44
    Daily SMA50: 50.71
    Daily SMA100: 59.2
    Daily SMA200: 63.88
Levels:
    Previous Daily High: 53.7
    Previous Daily Low: 51.91
    Previous Weekly High: 54.17
    Previous Weekly Low: 50.65
    Previous Monthly High: 54.68
    Previous Monthly Low: 42.45
    Daily Fibonacci 38.2%: 52.59
    Daily Fibonacci 61.8%: 53.02
    Daily Pivot Point S1: 51.67
    Daily Pivot Point S2: 50.9
    Daily Pivot Point S3: 49.88
    Daily Pivot Point R1: 53.46
    Daily Pivot Point R2: 54.48
    Daily Pivot Point R3: 55.25

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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