- Prices of the WTI trade in red figures below the $56.00 mark.
- Over supply concerns keep weighing on traders’ sentiment.
- The API weekly report on crude oil inventories is coming up next.
The current risk-off tone in the global markets is forcing the barrel of the WTI to trade in the lower end of the recent range below the $56.00 mark.
WTI looks to data, OPEC+
Prices of the barrel of the American reference for the sweet light crude oil are fading the recent bullish attempt and have returned to the sub-$56.00 area, threatening to revisit recent YTD lows.
The barrel of WTI stays under pressure in response to the re-emergence of the risk aversion among traders, while concerns over rising supply in the US oil market have been also collaborating with the down move. On another direction, traders remain vigilant on recent rumours surrounding the possibility of further output cuts to be announced at the upcoming OPEC meeting.
Later in the session, the API will report on US crude oil inventories ahead of tomorrow’s weekly publication from the DoE.
WTI significant levels
At the moment the barrel of WTI is losing 3.22% at $55.33 facing immediate support at $54.76 (2018 low Nov.14) seconded by $54.54 (monthly high Sep.28 2017) and then $48.92 (monthly low Oct.6 2017). On the flip side, a breakout of $57.80 (10-day SMA) would open the door to $61.59 (21-day SMA) and finally $67.85 (high Oct.29).
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