Downed by global economic growth fears and USD comeback. OPEC supply cuts, US sanctions to offer respite ahead of US rigs count data? Having failed another attempt to hold above the 60 psychological barrier earlier today, WTI (oil futures on NYMEX) bears returned to markets with full vigor, now extending the corrective slide to test the 59 handle. The black gold came under renewed selling pressure in the European session after the manufacturing sector activity in the Euro area economies witnessed deeper downturn, reigniting concerns over global economic slowdown and the resultant impact on oil demand. Further, the sell-off was accentuated by a sharp rebound in the US dollar versus its major peers, triggered by a sell-off in EUR/USD on bearish macro news. The USD index now trades +0.22% higher at 96.71, having quickly reversed a dip to 96.57. A stronger greenback makes the USD-denominated oil more expensive for foreign buyers. However, the losses may remain limited by increased expectations of a potential supply deficit in Q1, in the wake of the OPEC output cuts and the US sanctions on Iran and Venezuela. Looking ahead, the focus remains on the trade developments and US supply-side scenario, as reflected by the rigs count data due to be published later today at 1700 GMT. WTI Technical Levels 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 JPY futures: extra gains looks unlikely FX Street 4 years Downed by global economic growth fears and USD comeback. OPEC supply cuts, US sanctions to offer respite ahead of US rigs count data? Having failed another attempt to hold above the 60 psychological barrier earlier today, WTI (oil futures on NYMEX) bears returned to markets with full vigor, now extending the corrective slide to test the 59 handle. The black gold came under renewed selling pressure in the European session after the manufacturing sector activity in the Euro area economies witnessed deeper downturn, reigniting concerns over global economic slowdown and the resultant impact on oil demand. Further, the sell-off… 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.