Home WTI drops more than 3.5%, hits lowest in a week
FXStreet News

WTI drops more than 3.5%, hits lowest in a week

  • Crude oil prices tumble amid an increase in US rigs and risk aversion.  
  • WTI barrel breaks under $52.00.  

WTI (oil futures on NYMEX) are falling sharply on Monday, losing almost 4%, having the worst performance since the beginning of the year. The increase in rigs, a stronger US dollar and the lack of advance on US-China trade talks favored the downside in crude oil prices on Monday.  

The move lower represents a continuation of the correction from the highest level in almost two months. From December  23 to January 21 gained more than 20%. The rally found resistance at $54.50 and retreat. Last week, the move lower found support at $52.00 but today, broke below and extended losses.  

As of writing trades at 1-week lows, at $51.75 still under pressure. In Wall Street, the Dow Jones is down 1.35% and the Nasdaq 1.4%. In Europe, major stock indexes are about to end lower with losses around 0.80% on average. The US Dollar Index (DXY) is flat around 95.70, but the greenback is higher versus commodity and emerging market currencies.  
 

WTI Levels  

Overview:
    Today Daily change %:  -3.24%
       Today Daily Open:  53.74
Trends:
       Daily SMA20:  51.24
       Daily SMA50:  50.63
       Daily SMA100:  58.85
       Daily SMA200:  63.75
Levels:
       Previous Daily High:  54.01
       Previous Daily Low:  52.99
       Previous Weekly High:  54.51
       Previous Weekly Low:  51.91
       Previous Monthly High:  54.68
       Previous Monthly Low:  42.45
       Daily Fibonacci 38.2%:  53.62
       Daily Fibonacci 61.8%:  53.38
       Daily Pivot Point S1:  53.15
       Daily Pivot Point S2:  52.56
       Daily Pivot Point S3:  52.13
       Daily Pivot Point R1:  54.17
       Daily Pivot Point R2:  54.6
       Daily Pivot Point R3:  55.19

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.