WTI bounces off $39.64 after declining for three consecutive days. API stocks added 0.691M versus previous draw of 9.517M during the week ending of September 18. Coronavirus resurgence, strong US dollar disappoint energy buyers amid supply glut. Preliminary readings of September month PMIs, official oil EIA stockpiles will be the key. WTI picks up bids near $39.75 during the early Asian session on Wednesday. The energy benchmark registered a three-day losing streak after downbeat inventory numbers from the American Petroleum Institute (API). Also weighing on the black gold prices is the coronavirus (COVID-19) resurgence and the US dollar strength. As per the weekly Crude Oil Stock data from the API, inventories rose 0.691 million barrels versus the previous decline of 9.517 million barrels during the week to September 18. The recent headlines suggesting a new cluster of COVID-19 cases in Brooklyn challenges the WTI’s recovery moves. Though, upbeat prints of the Commonwealth Bank’s (CBA) PMIs for September help keep the buyers hopeful. On Tuesday, the US dollar index (DXY) rose to the highest since July 27 as market players rushed to risk-safety following the dovish comments from major central bank members. Also pleasing the greenback bulls were upbeat prints of the US housing and Richmond Fed numbers. It should additionally be noted that the fading risks of another hurricane towards the Gulf of Mexico and the oil majors’ reluctance to keep the output cut accord, not to forget hopes of additional production from Libya, offer additional weakness to the energy benchmark. While the global PMIs are likely to portray the recent virus-hit activity numbers, stockpile data the Energy Information Administration, for the week ended on September 18, may print receding inventory draw and may favor the oil bears. That said, the EIA Crude Oil Stocks Change is expected to recover from -4.389M prior to -2.256M during the week to September 18, 2020. Technical analysis Unless breaking below the 10-day SMA level of $39.31, WTI sellers may remain cautious. As a result, hopes of the quote’s recovery moves towards the $40.00 threshold and the following attempt to cross the 50-day SMA level near $41.20 can’t be ruled out. 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 Top 3 Coins Price Prediction Bitcoin, Ethereum and Ripple: BTC enters a consolidation period FX Street 2 years WTI bounces off $39.64 after declining for three consecutive days. API stocks added 0.691M versus previous draw of 9.517M during the week ending of September 18. Coronavirus resurgence, strong US dollar disappoint energy buyers amid supply glut. Preliminary readings of September month PMIs, official oil EIA stockpiles will be the key. WTI picks up bids near $39.75 during the early Asian session on Wednesday. The energy benchmark registered a three-day losing streak after downbeat inventory numbers from the American Petroleum Institute (API). Also weighing on the black gold prices is the coronavirus (COVID-19) resurgence and the US dollar strength. As… 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.