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WTI Crude oil experiences range trading between 58.16 – 57.21

The downtrend may be expected to continue, while the black gold is trading below resistance at 58.16, which will be followed by reaching support at 57.45 and if it keeps on moving down below 57.21, we may expect prices to reach support around 56.60.

An uptrend may start as soon as the pair rises above resistance level 58.16, which will be followed by moving up to resistance level 58.74 and if it keeps on moving up above that level, we may expect oil to reach resistance level 59.20. Read more…

oil h1 chart

WTI manages to stay above the 200-day SMA amid US-China trade positive headlines

With the 200-day SMA restricting near-term declines of the WTI, the black gold takes the bids to $58.10 during early Tuesday.

The energy benchmark earlier benefited from the global rating giant Fitch’s stable sovereign outlook for the Asia-Pacific (APAC). The rating agency shrugs off global challenges, including trade pessimism while holding prevalence of stable rating outlooks over the next 12-18 months. Read more”¦

WTI bounces-back above $ 58 amid trade headlines, ahead of API

WTI (oil futures on NYMEX) broke the Asian consolidative phase to the upside in the European trading this Tuesday but the further upside lacks certainty, as ongoing US-China trade developments continue to keep markets confused. Therefore, they refrain from placing any directional bets on higher-yielding assets such as oil. Read more”¦