Record high US output overshadowed by US-China trade optimism, OPEC supply cuts. Broad USD weakness offers support to the US oil, 58 back on sight. WTI (oil futures on NYMEX) stalled its Asian retreat just below the 57 handle and from there staged a solid comeback in the European session, with the bulls now looking to regain the 58 handle amid a better sentiment towards the risk assets. The US-China trade progress and Trump’s China tariff deadline delay offered the much-needed respite to the European equities and lifted the overall appetite for the higher yielding assets such as oil. Moreover, increased odds of tighter global supplies amid supply risks from the US sanctions on Iran and Venezuela and deepening OPEC output cuts also continue to offer support to the black gold. Further, the barrel of WTI also cheers the bullish near-term view outlined by Goldman Sachs earlier today. However, markets remain wary over rising US output levels, with the US crude oil production at a record 12 million barrels per day (bpd), an increase of more than 2 million bpd since early 2018. The focus now turns towards the weekly US crude supplies data and Trump-Kim meeting in Vietnam for fresh directives on the commodity. WTI Technical Levels Overview: Today Last Price: 57.42 Today Daily change: 27 pips Today Daily change %: 0.47% Today Daily Open: 57.29 Trends: Daily SMA20: 54.73 Daily SMA50: 51.72 Daily SMA100: 55.15 Daily SMA200: 62.65 Levels: Previous Daily High: 57.92 Previous Daily Low: 56.85 Previous Weekly High: 57.92 Previous Weekly Low: 55.72 Previous Monthly High: 55.48 Previous Monthly Low: 44.52 Daily Fibonacci 38.2%: 57.51 Daily Fibonacci 61.8%: 57.26 Daily Pivot Point S1: 56.79 Daily Pivot Point S2: 56.28 Daily Pivot Point S3: 55.72 Daily Pivot Point R1: 57.86 Daily Pivot Point R2: 58.42 Daily Pivot Point R3: 58.93 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 Devastation as South Korea Coinbin exchange files for bankruptcy citing embezzlement FX Street 4 years Record high US output overshadowed by US-China trade optimism, OPEC supply cuts. Broad USD weakness offers support to the US oil, 58 back on sight. WTI (oil futures on NYMEX) stalled its Asian retreat just below the 57 handle and from there staged a solid comeback in the European session, with the bulls now looking to regain the 58 handle amid a better sentiment towards the risk assets. The US-China trade progress and Trump's China tariff deadline delay offered the much-needed respite to the European equities and lifted the overall appetite for the higher yielding assets such as oil. 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.
