Upbeat Chinese/ US macro news, unexpected draw in US inventories drive oil higher. Technical set up suggests a correction in the near-term, a test of 63.00 likely? WTI (oil futures on NYMEX) settled the Good Friday trading week largely unchanged near the 64 handle, but remained within close proximity of the 2019 tops of $ 64.79. The overall sentiment around the black gold was buoyed by upbeat US earnings, better Chinese and US fundamentals and China’s stimulus talks. Meanwhile, the ongoing OPEC+ cuts combined with the US sanctions on Iran and Venezuela continued to play its role in tightening the global supplies, in turn, keeping the prices supported. Moreover, the surprise drawdown in the US crude stockpiles data, as reported by the API and the official EIA data, also collaborated to the upbeat tone around the barrel of WTI. Furthermore, the Joint Organizations Data Initiative (JODI) showed on Thursday that Saudi Arabia’s crude oil exports fell by 277,000 barrels to just under 7 million bpd in February from the month before. All in all, tightening supplies and receding fears of global economic slowdown leading to demand growth concerns continued to play out in favor of the oil bulls. Heading into the next week, markets gear up for a potential corrective slide, as indicated by the near-term technical set up. WTI is trading below its main SMAs suggesting a bearish bias in the short-term. WTI Technical Levels 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 Russia’s central bank evaluates risks and benefits of central bank digital currencies FX Street 4 years Upbeat Chinese/ US macro news, unexpected draw in US inventories drive oil higher. Technical set up suggests a correction in the near-term, a test of 63.00 likely? WTI (oil futures on NYMEX) settled the Good Friday trading week largely unchanged near the 64 handle, but remained within close proximity of the 2019 tops of $ 64.79. The overall sentiment around the black gold was buoyed by upbeat US earnings, better Chinese and US fundamentals and China's stimulus talks. Meanwhile, the ongoing OPEC+ cuts combined with the US sanctions on Iran and Venezuela continued to play its role in tightening 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.