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  • Saudi Oil Minister’s comments, OPEC cuts and weaker USD keeps Oil supported.
  • Eyes on EIA crude stockpiles after API showed an unexpected draw in oil inventories.

WTI (oil futures on NYMEX) consolidated the overnight bounce so far this Wednesday, but the bulls are now seen taking back charge above the 56 handle in Europe, in response to the latest upbeat remarks from the Saudi Arabian Energy Minister Al-Falih.

Al-Falih noted that he sees the likelihood of the OPEC output cuts extension beyond Dec 2019, outrightly disregarding Trump’s tweet that urged the OPEC to go easy with its supply policy.

Moreover, a broadly weaker US dollar amid dovish comments from the Fed Chair Powell also helps keep the buoyant tone intact around the USD-sensitive oil. Furthermore, a surprise drawdown in the US crude stockpiles, as reported by the American Petroleum Institute (API)  late-Tuesday, also continues to offer support to the bulls.

The API data showed that the US crude oil inventories fell by 4.2 million barrels in the week to Feb. 22, to 444.3 million barrels. Attention now turns towards the official US government data that will be released by the Energy Information Administration (EIA) at 1500 GMT for fresh directives.

WTI Technical Levels

       Today Last Price:  56.28
       Today Daily change:  14  pips
       Today Daily change %:  0.25%
       Today Daily Open:  56.14
       Daily SMA20:  55.04
       Daily SMA50:  51.94
       Daily SMA100:  54.88
       Daily SMA200:  62.52
       Previous Daily High:  56.23
       Previous Daily Low:  55.19
       Previous Weekly High:  57.92
       Previous Weekly Low:  55.72
       Previous Monthly High:  55.48
       Previous Monthly Low:  44.52
       Daily Fibonacci 38.2%:  55.83
       Daily Fibonacci 61.8%:  55.59
       Daily Pivot Point S1:  55.48
       Daily Pivot Point S2:  54.81
       Daily Pivot Point S3:  54.44
       Daily Pivot Point R1:  56.52
       Daily Pivot Point R2:  56.89
       Daily Pivot Point R3:  57.56