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Oil continues to climb on trade hopes, WTI clears $50.00

  • US-China trade talks continue, and markets continue to bid up on expectations of progress.
  • Commodities are catching a relief run on expectations of improving trade, after a tense ending to 2018.

Crude energies markets are continuing to spin higher as investors hope for peaceable trade talks to resolve between the US and China, which are currently underway at the vice-ministerial level, extending into a third day of talks with traders awaiting announcements following the trade meetings. Trade tensions between the US and China have spun out broader market sentiment in recent months, and investors are looking for any signs of a recovery in global trade in order to offset the increasing signs of economic slowdown across the planet for 2019.

WTI is currently testing back into the 50.50 region, which sees a major technical barrier capping off further gains, though continued clampdown by OPEC+ on production limits could see energies forced higher as oil markets recover from fears of oversupply.

WTI Technical Levels

WTI

Overview:
    Today Last Price: 50.72
    Today Daily change: 69 pips
    Today Daily change %: 1.38%
    Today Daily Open: 50.03
Trends:
    Previous Daily SMA20: 48.04
    Previous Daily SMA50: 52.26
    Previous Daily SMA100: 61.19
    Previous Daily SMA200: 64.98
Levels:
    Previous Daily High: 50.16
    Previous Daily Low: 48.51
    Previous Weekly High: 49.41
    Previous Weekly Low: 44.52
    Previous Monthly High: 54.68
    Previous Monthly Low: 42.45
    Previous Daily Fibonacci 38.2%: 49.53
    Previous Daily Fibonacci 61.8%: 49.14
    Previous Daily Pivot Point S1: 48.97
    Previous Daily Pivot Point S2: 47.92
    Previous Daily Pivot Point S3: 47.32
    Previous Daily Pivot Point R1: 50.62
    Previous Daily Pivot Point R2: 51.22
    Previous Daily Pivot Point R3: 52.27

 

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