Search ForexCrunch
  • Global growth concerns on US-China trade spat and rising supply weigh down on the prices.
  • Risks remain to the downside, $ 66 is the key level to beat for the bears.

WTI (oil futures on NYMEX) is back into the negative territory and revisits the daily lows near $ 66.60 levels, as the bulls failed to resist above the 67 handle.

The Asian rebound in oil prices lost legs near 67.25 region, as the European markets trade on a cautious footing amid ongoing Italian budget woes, with downbeat Italian Q3 GDP figures denting the risk sentiment further.

 Markets already remain cautious amid escalating US-China trade tensions, which continue to fuel the global economic growth concerns and weigh down on the risk asset, oil. More so, comments from the IEA Chief Birol combined with expectations of rising US oil supplies collaborate to the renewed weakness seen around the barrel of WTI.  

The focus now remains on the US API weekly crude stocks data due later at 2030 GMT for the next direction in the prices.

WTI Technical Levels

Resistance: 67.28 (5-DMA), 68 (round number), 68.56 (Oct 19 low).

Support: 66.50 (psychological level), 66.05 (Oct 24 low), 65.74 (Oct 23 low).