WTI fails to respect the previous day’s bearish Doji. The energy benchmark pays a little heed to API data, shrugs off coronavirus fears for the time being. Iran escalates its nuclear arsenal, Aussie GDP came in positive while Asian governments announce measures to ward off COVID-19 economic impacts. WTI rises to $47.90, up 1.19%, by the press time of early Wednesday. The black gold recently benefited from risk reset in Asia after policymakers extend drives to counter the negative implications of the coronavirus (COVID-19). Also supporting the oil prices was news Iran whereas weekly API data failed to grab major attention. As per the data from the American Petroleum Institute (API), for the week ended on February 28, private oil stockpiles increased 1.69 million barrels versus the previous rise of 1.3 million barrels. Even so, the oil traders paid a little heed to the inventory data as South Korea and Hong Kong registered moves to tame COVID-19 while the World Bank Group also announced immediate support package to counter the deadly virus. Also supporting the energy benchmark could be the early-day news from the Financial Times that relied on the International Atomic Energy Agency (IAEA) to suggest increasing threats of Iran’s nuclear activity. That said, Japan’s NIKKEI register 0.44% gains to 21,180 while stocks in China and South Korea are also positive. However, the US 10-year treasury yields remain under pressure around the record low of 0.906 while taking rounds to 0.973% by the press time. It’s worth mentioning that speculations are on the rise that the Organization of the Petroleum Exporting Countries (OPEC) meeting, scheduled for March 05/06, is less likely to deliver any increase in production cuts. Looking forward, traders will keep eyes on the official inventory release for the week ended on February 28, to be released by the Energy Information Administration (EIA) on 15:30 GMT. The forecast suggests the stockpiles to rise by 3.333 million barrels versus 0.452 million barrels prior. Technical Analysis With the bearish Doji on Tuesday’s daily chart, buyers will wait for the sustained move beyond $48.75 to aim for 21-day SMA near $50.40. Until then, the fears of the return of $46.00 can’t be ruled out. 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 Ripple Price Analysis: XRP/USD drops after running out of steam near $0.24 again FX Street 3 years WTI fails to respect the previous day’s bearish Doji. The energy benchmark pays a little heed to API data, shrugs off coronavirus fears for the time being. Iran escalates its nuclear arsenal, Aussie GDP came in positive while Asian governments announce measures to ward off COVID-19 economic impacts. WTI rises to $47.90, up 1.19%, by the press time of early Wednesday. The black gold recently benefited from risk reset in Asia after policymakers extend drives to counter the negative implications of the coronavirus (COVID-19). Also supporting the oil prices was news Iran whereas weekly API data failed to grab major… 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.