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Oil markets leaning into the upside for Friday, WTI testing $52.75

  • Oil prices testing higher for Friday on improving market sentiment.
  • US production continues to push higher as demand struggles to eat up supply.

Crude markets are finding some more lift on Friday with WTI barrels ticking up into 52.75 on rising market confidence to cap off a restrained trading week.

Various US energy reserves, from crude stockpiles to gasoline buildups, continue to flip back and forth between new stockpile highs under record US production, which tipped the scales at 11.9 million barrels per day, and frequent downside swings as demand eats away at supply, but the overall trend continues to lean into overproduction. OPEC+ production cuts continue to remain a key bolstering factor for energy markets, but further moves to the upside will require a continued improving in overall market sentiment to keep pushing commodity prices higher.

Crude prices continue to price in a bullish correction from late December's bottoms, but the current upmove will need to mount January 11th's peaks near 53.30 before oil markets can officially start a new leg higher, while bearish pressure from further US supply buildups or a resurgence in US-China trade tensions will see broader markets head lower once again, taking commodities with it.

WTI Technical Levels

WTI

Overview:
    Today Last Price: 53.04
    Today Daily change: 53 pips
    Today Daily change %: 1.03%
    Today Daily Open: 52.5
Trends:
    Daily SMA20: 48.8
    Daily SMA50: 50.96
    Daily SMA100: 59.86
    Daily SMA200: 64.2
Levels:
    Previous Daily High: 52.89
    Previous Daily Low: 51.29
    Previous Weekly High: 53.57
    Previous Weekly Low: 48.33
    Previous Monthly High: 54.68
    Previous Monthly Low: 42.45
    Daily Fibonacci 38.2%: 51.9
    Daily Fibonacci 61.8%: 52.28
    Daily Pivot Point S1: 51.56
    Daily Pivot Point S2: 50.63
    Daily Pivot Point S3: 49.96
    Daily Pivot Point R1: 53.16
    Daily Pivot Point R2: 53.83
    Daily Pivot Point R3: 54.76

 

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