Tightening global supplies, risk-on continue to bolster the bulls. Technical set up also points to further upside ahead of US industrial and rigs data. WTI (oil futures on NYMEX) broke its Asian bullish consolidation phase to the upside and refreshed four-month tops just shy of the 59 handle, as markets continue to cheer a potential deficit in the global supplies in the first quarter of 2019. Deepening OPEC output combined with the reduced supply amid the US sanctions on Iran and Venezuela led to tightened global supplies. Further, the recent EIA report showing a bigger-than-expected drop in the US EIA weekly crude stockpiles combined with a decline in the US oil production propelled the black gold further to the north. Following the latest uptick, the prices have eased slightly but remain within a striking distance of the 2019 tops as risk-on sentiment, reflected by positive European equities on Brexit and US-China trade progress, continue to underpin the sentiment around the higher yielding oil. Looking ahead, the barrel of WTI remains exposed to further upside risks, as suggested by the technical set up. According to FXStreet’s Analyst, Ross Burland, “a break of 59.70 and then the 61.8% Fibo of the Oct 2018 sell-off to late Dec lows at 63.74 will reveal prospects for the 200 D SMA around 62.00.” WTI Technical Levels Overview: Today Last Price: 58.84 Today Daily change: 40 pips Today Daily change %: 0.68% Today Daily Open: 58.81 Trends: Daily SMA20: 56.85 Daily SMA50: 54.57 Daily SMA100: 53.68 Daily SMA200: 61.56 Levels: Previous Daily High: 59.04 Previous Daily Low: 58.3 Previous Weekly High: 57.41 Previous Weekly Low: 54.79 Previous Monthly High: 57.92 Previous Monthly Low: 51.56 Daily Fibonacci 38.2%: 58.76 Daily Fibonacci 61.8%: 58.58 Daily Pivot Point S1: 58.39 Daily Pivot Point S2: 57.98 Daily Pivot Point S3: 57.65 Daily Pivot Point R1: 59.13 Daily Pivot Point R2: 59.46 Daily Pivot Point R3: 59.87 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 Ripple update: XRP/USD lethargic above $0.31- Triangle breakout spotted FX Street 4 years Tightening global supplies, risk-on continue to bolster the bulls. Technical set up also points to further upside ahead of US industrial and rigs data. WTI (oil futures on NYMEX) broke its Asian bullish consolidation phase to the upside and refreshed four-month tops just shy of the 59 handle, as markets continue to cheer a potential deficit in the global supplies in the first quarter of 2019. Deepening OPEC output combined with the reduced supply amid the US sanctions on Iran and Venezuela led to tightened global supplies. Further, the recent EIA report showing a bigger-than-expected drop in the US EIA… 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.