WTI looks to stabilize near $ 53, API data eyed

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  • Lifted by OPEC output cuts, falling rigs count while global growth concerns keep the upside capped.
  • Attention turns towards US supply reports for near-term trading opportunities.  

WTI (oil futures on NYMEX) is seen consolidating the overnight recovery around the 53 handle in Wednesday’s Asian trading, as improved appetite towards risk assets offers some support to prices.

The black gold looks to stabilize, having witnessed a sharp 2% fall a day before after the global markets were hit by a wave of risk-aversion amid global growth and trade concerns. The commodity also derives support from OPEC output cuts that are aimed at reining in an emerging supply overhang.

All eyes now remain on the release of the API crude stockpiles data due later today at 2130 GMT for fresh hints on the US supply-side scenario.

WTI Technical Levels

WTI

Overview:
    Today Last Price: 53.1
    Today Daily change: 0.07 pips
    Today Daily change %: 0.13%
    Today Daily Open: 53.03
Trends:
    Daily SMA20: 50.16
    Daily SMA50: 50.8
    Daily SMA100: 59.38
    Daily SMA200: 63.96
Levels:
    Previous Daily High: 54.35
    Previous Daily Low: 52.09
    Previous Weekly High: 54.17
    Previous Weekly Low: 50.65
    Previous Monthly High: 54.68
    Previous Monthly Low: 42.45
    Daily Fibonacci 38.2%: 52.95
    Daily Fibonacci 61.8%: 53.49
    Daily Pivot Point S1: 51.96
    Daily Pivot Point S2: 50.9
    Daily Pivot Point S3: 49.7
    Daily Pivot Point R1: 54.22
    Daily Pivot Point R2: 55.42
    Daily Pivot Point R3: 56.48

 

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