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WTI rebounds 3%, $ 46 tested ahead of EIA data

  • Rebounds in tandem with stocks, as markets enter into pre-New Year thin trading.
  • Oversupply worries persist, as the focus shifts to the US EIA crude stockpiles report.

WTI (oil futures on NYMEX) reversed a part of yesterday’s declines and entered a phase of consolidation just below the 46 handle, as the bulls await the US fuel inventories data for the next direction.

The black gold rebounded in tandem with the global stocks, as a bout of profit-taking was seen across the financial markets, as investors brace for the pre-New Year light trading. Moreover, broad-based US dollar weakness also collaborated to the upside in the USD-sensitive oil.

Despite the recovery, the barrel of WTI remains exposed to downside bias amid rising US crude inventories that add to the looming supply overhang concerns. The latest American Petroleum Institute (API) data showed that the US crude inventories rose 6.9 million barrels to 448.2 million barrels in the week to Dec. 21.

Attention now turns towards the US Energy Information Administration (EIA) crude inventories data due out later on Friday for further fresh trading momentum.

WTI Technical Levels

WTI

Overview:
    Today Last Price: 45.89
    Today Daily change: 39 pips
    Today Daily change %: 0.857%
    Today Daily Open: 45.5
Trends:
    Previous Daily SMA20: 49.77
    Previous Daily SMA50: 54.72
    Previous Daily SMA100: 62.72
    Previous Daily SMA200: 65.78
Levels:
    Previous Daily High: 46.81
    Previous Daily Low: 44.47
    Previous Weekly High: 52.16
    Previous Weekly Low: 45.19
    Previous Monthly High: 63.92
    Previous Monthly Low: 49.64
    Previous Daily Fibonacci 38.2%: 45.36
    Previous Daily Fibonacci 61.8%: 45.92
    Previous Daily Pivot Point S1: 44.38
    Previous Daily Pivot Point S2: 43.25
    Previous Daily Pivot Point S3: 42.04
    Previous Daily Pivot Point R1: 46.72
    Previous Daily Pivot Point R2: 47.93
    Previous Daily Pivot Point R3: 49.06

 

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