Slowing demand concerns amid economic downturn negates OPEC cuts and US sanctions on Iran and Venezuela. OPEC+ said to plan JMMC meeting in Riyadh in May. Looking for a strong catalyst for the next move, US weekly crude stocks reports eyed. WTI (oil futures on NYMEX) is looking to extend the tepid bounce above the 58.50 level, as the broad-based US dollar weakness offers some reprieve to the oil bulls. The greenback remains broadly sold-off into rising Fed pause expectations amid weakening US fundamentals and trade uncertainty. Despite the latest leg up, markets remain skeptical about the recovery, as the recent headlines about the OPEC+ Joint Ministerial Monitoring Committee (JMMC) meeting being pushed back to May continue to weigh on the investors‘ minds. More so, mounting concerns over dwindling global economic growth and its impact on the demand for crude remains the main drag on the prices so far this Monday, outweighing the hopes of a potential supply deficit in Q1 amid deeper OPEC output cuts and the US sanctions on Iran and Venezuela. All eyes now remain on the US fuel stocks reports due later this week on Tuesday and Wednesday for fresh direction on the prices. In the meantime, the USD dynamics and risk trends will continue to keep the traders engaged. WTI Technical Levels Overview: Today Last Price: 58.59 Today Daily change: -14 pips Today Daily change %: -0.24% Today Daily Open: 58.73 Trends: Daily SMA20: 56.98 Daily SMA50: 54.76 Daily SMA100: 53.64 Daily SMA200: 61.48 Levels: Previous Daily High: 59.25 Previous Daily Low: 58.04 Previous Weekly High: 59.25 Previous Weekly Low: 56.32 Previous Monthly High: 57.92 Previous Monthly Low: 51.56 Daily Fibonacci 38.2%: 58.5 Daily Fibonacci 61.8%: 58.79 Daily Pivot Point S1: 58.1 Daily Pivot Point S2: 57.46 Daily Pivot Point S3: 56.89 Daily Pivot Point R1: 59.31 Daily Pivot Point R2: 59.88 Daily Pivot Point R3: 60.52 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. View All Post By FX Street FXStreet News share Read Next Canada to develop a regulatory framework for cryptocurrency exchanges FX Street 4 years Slowing demand concerns amid economic downturn negates OPEC cuts and US sanctions on Iran and Venezuela. OPEC+ said to plan JMMC meeting in Riyadh in May. Looking for a strong catalyst for the next move, US weekly crude stocks reports eyed. WTI (oil futures on NYMEX) is looking to extend the tepid bounce above the 58.50 level, as the broad-based US dollar weakness offers some reprieve to the oil bulls. The greenback remains broadly sold-off into rising Fed pause expectations amid weakening US fundamentals and trade uncertainty. Despite the latest leg up, markets remain skeptical about the recovery, as the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
