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 Overview: Today Last Price: 56.28 Today Daily change: 14 pips Today Daily change %: 0.25% Today Daily Open: 56.14 Trends: Daily SMA20: 55.04 Daily SMA50: 51.94 Daily SMA100: 54.88 Daily SMA200: 62.52 Levels: 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 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 EUR/USD Technical Analysis: Rally faces next hurdle at the resistance line at 1.1455 FX Street 4 years 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,… 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.
