WTI inches lower toward $45 ahead of EIA data
- Weekly API data shows a surprise crude stock build on Thursday.
- Russia's Novak says rising protectionism and U.S. policy behind oil volatility.
- Coming up: EIA's weekly oil market report.
After slumping to its lowest level of the year at $42.35 on Monday, crude oil prices recovered above $47 but failed to extend this correctional move. Ahead of the weekly EIA data, the barrel of West Texas Intermediate is trading at $45.05, losing 0.75% on a daily basis.
Earlier this week, the data from China showed that industrial profits fell for the first time in three years to revive concerns over the demand outlook. Furthermore, the weekly data published by the American Petroleum Institue revealed that crude oil inventories increased 6.92 million barrels last week to further weigh on prices.
Earlier in the day, Russian Energy Minister Novak said that the rising protectionism and the unpredictability of the U.S. administration were the primary drivers behind the oil price volatility. "All these uncertainties, which are now on the market: how China will behave, how India will behave... trade wars and unpredictability on the part of the U.S. administration... those are defining factors for price volatility,” Novak note.
Later in the session, the EIA is expected to report a decline of 2.7 million barrels in crude oil stocks for the week ending December 21. Furthermore, Baker Hughes will publish the lates oil rig count figures.
Technical levels to consider
Today Last Price: 45.26
Today Daily change: -24 pips
Today Daily change %: -0.527%
Today Daily Open: 45.5
Previous Daily SMA20: 49.77
Previous Daily SMA50: 54.72
Previous Daily SMA100: 62.72
Previous Daily SMA200: 65.78
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