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WTI drops over 1.5% to $ 51.50 amid swelling US supply

  • Bearish US EIA fuel stocks report weigh down on oil prices.
  • A breach of 51.00 likely amid risk-off market profile?

WTI (oil futures on NYMEX) is on a steady decline so far this Thursday, having hit a low of 51.52 on a renewed risk-off wave after the European equities opened lower, feeling the heat of the waning optimism from the US-China trade talks.

The barrel of WTI remains sold-off into the oversupply concerns, as record high US crude output combined with swelling fuel stocks outweigh the efforts led by the OPEC to cut supply aimed at rebalancing the oil markets.

Despite a drawdown in the US crude inventories, the sentiment around the US oil was dented after the latest EIA data showed that gasoline stocks rose 8.1 million barrels, to 248.1 million barrels, marking the largest weekly rise since December 2016 while distillate stocks also rose by 10.6 million barrels, to 140.04 million barrels.

Meanwhile, the downward revision to the oil-price forecasts by the US bank Morgan Stanley also collaborated to the downbeat tone around the commodity.

WTI Technical Levels

WTI

Overview:
    Today Last Price: 51.84
    Today Daily change: -59 pips
    Today Daily change %: -1.13%
    Today Daily Open: 52.43
Trends:
    Previous Daily SMA20: 48.11
    Previous Daily SMA50: 52.05
    Previous Daily SMA100: 61.03
    Previous Daily SMA200: 64.88
Levels:
    Previous Daily High: 52.8
    Previous Daily Low: 49.97
    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%: 51.72
    Previous Daily Fibonacci 61.8%: 51.05
    Previous Daily Pivot Point S1: 50.67
    Previous Daily Pivot Point S2: 48.9
    Previous Daily Pivot Point S3: 47.84
    Previous Daily Pivot Point R1: 53.5
    Previous Daily Pivot Point R2: 54.56
    Previous Daily Pivot Point R3: 56.33

 

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