WTI remains positive at the monthly top. A weaker than prior build in API data, the US sanctions and broad risk-on seem to please energy traders. All eyes on China headlines, for now, EIA data will be important as well. WTI oil stays upbeat, following the run-up to the monthly high before a few minutes, as taking rounds to $53.70 amid the initial Asian session on Thursday. The black gold recently benefited from the weekly inventory data from the private provider, namely the American Petroleum Institute (API). The private oil stockpiles for the week ended on February 14 suggested a build of 4.2 million barrels versus the previous increase of 6 million barrels. The lower than earlier data suggested the inventories are depleting and played their part in the current risk-on times. Earlier during the day, the US announced fresh sanctions on Venezuela by way of blacklisting the arm of Russian oil company Rosneft. This suggests an increase in geopolitical tension and a price-positive catalyst for the energy benchmark. Also supporting the oil prices is the current risk-on sentiment where Wall Street benchmark surged to record highs by Wednesday’s US session close. Traders will now pay close attention to developments surrounding China as a likely further liquidity infusion from the dragon nation and efforts to placate traders can continue helping the oil benchmark. Additionally, the weekly official stockpile data from the Energy Information Administration (EIA), up for publishing at 15:30 GMT, will also be the key. Forecasts suggest an increase of 3.767 million barrels in the inventories versus the previous rise of 7.459 million barrels of addition to the stockpile. Technical Analysis With sustained trading beyond a 21-day SMA level of $52.15, the bulls will target January 29 top close to $54.40. However, a confluence of 100 and 200-day SMAs near $56.40/50 will be a tough nut to crack for the buyers afterward. 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 AUD/JPY Price Analysis: 100-day SMA, 50% Fibonacci in focus before Aussie employment data FX Street 2 years WTI remains positive at the monthly top. A weaker than prior build in API data, the US sanctions and broad risk-on seem to please energy traders. All eyes on China headlines, for now, EIA data will be important as well. WTI oil stays upbeat, following the run-up to the monthly high before a few minutes, as taking rounds to $53.70 amid the initial Asian session on Thursday. The black gold recently benefited from the weekly inventory data from the private provider, namely the American Petroleum Institute (API). The private oil stockpiles for the week ended on February 14 suggested a… 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.