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  • OPEC cuts and US sanctions on Iran and Venezuela drive Oil to 2019 tops.
  • US API weekly crude stocks report to add to the WTIs bullish momentum?

WTI (oil futures on NYMEX) is witnessing another leg higher and hovers near 2019 tops of 59.72, as the bulls now aim to conquer the 60 psychological level amid increased expectations of tightening global supplies, in light of deeper OPEC output cuts and the US sanctions on Iran and Venezuela.

The black gold broke its Asian consolidative channel to the upside, as the US dollar selling gathered pace in the European session amid dovish Fed expectations heading into the 2-day FOMC monetary policy meeting starting later today. The USD index drops -0.13% to trade near daily lows of 96.37. A weaker greenback makes the USD-denominated oil cheaper for the buyers in foreign currencies.

Markets now await the weekly US fuel stocks report due to published by the American Petroleum Institute (API) at 2130 GMT to gauge the next move on the prices, as rising US crude supplies combined with global growth concerns continue to pose a risk to the upside.

WTI Technical Levels

       Today Last Price:  59.7
       Today Daily change:  42  pips
       Today Daily change %:  0.71%
       Today Daily Open:  59.28
       Daily SMA20:  57.13
       Daily SMA50:  54.95
       Daily SMA100:  53.6
       Daily SMA200:  61.41
       Previous Daily High:  59.54
       Previous Daily Low:  58.39
       Previous Weekly High:  59.25
       Previous Weekly Low:  56.32
       Previous Monthly High:  57.92
       Previous Monthly Low:  51.56
       Daily Fibonacci 38.2%:  59.1
       Daily Fibonacci 61.8%:  58.83
       Daily Pivot Point S1:  58.6
       Daily Pivot Point S2:  57.92
       Daily Pivot Point S3:  57.45
       Daily Pivot Point R1:  59.75
       Daily Pivot Point R2:  60.22
       Daily Pivot Point R3:  60.9