- WTI is on the rise again after a bullish weekly inventory report from the US EIA.
- Prices rebounded from around $ 52.00 to above $ 53.00 after the data.
Oil prices are on the up again following the bullish weekly inventory numbers from the US EIA; After the launch, the WTI has risen back to $ 53 from the previous session lows around $ 52 and is now up almost 50 cents or 0.8% on the day. Oil markets had previously been trading in the red overall, with global stock markets seeing a decline and a rise in the US dollar.
Looking at WTI long-term, it hasn’t really moved much in the last three weeks; During this time period, the price action has for the most part held above $ 52 but has not been able to break above the $ 54 level. “Oil continues to consolidate,” commented OANDA analyst Jeffrey Halley, though he suggested that given “cuts from Saudi Arabia, OPEC + compliance above 85% and insatiable demand from Asia … oil has seen its cyclical lows for 2021 “.
Bullish US EIA numbers.
A much larger-than-expected drop in official crude oil inventories triggered a rise in the crude oil complex; The latest weekly inventory figures from the US EIA showed that stocks fell 9.91 million barrels versus expectations of a small build of 430,000 barrels, implying that demand in the week ending January 18 it was significantly stronger than anticipated. Distillate stocks also saw a larger-than-expected drop of 815,000 barrels and Cushing stocks were also seen to decline. However, gasoline inventories increased by 2.47 million, exceeding expectations of a construction of 1.764 million.
Four hour chart
Technical levels
WTI
| Panorama | |
|---|---|
| Today’s Last Price | 53.12 |
| Today’s Daily Change | 0.64 |
| Today’s Daily Change% | 1.22 |
| Today’s Daily Opening | 52.48 |
| Trends | |
|---|---|
| SMA of 20 Daily | 51.47 |
| SMA of 50 Daily | 48.28 |
| SMA of 100 Daily | 43.96 |
| 200 SMA Daily | 40.2 |
| Levels | |
|---|---|
| Daily Preview Maximum | 53.2 |
| Daily Previous Minimum | 52.27 |
| Weekly Preview Maximum | 53.8 |
| Weekly Prior Minimum | 51.43 |
| Monthly Previous Maximum | 49.43 |
| Minimum Previous Monthly | 44.01 |
| Daily Fibonacci 38.2% | 52.63 |
| Fibonacci Daily 61.8% | 52.85 |
| Daily Pivot Point S1 | 52.09 |
| Daily Pivot Point S2 | 51.71 |
| Daily Pivot Point S3 | 51.16 |
| Daily Pivot Point R1 | 53.03 |
| Daily Pivot Point R2 | 53.58 |
| Daily Pivot Point R3 | 53.96 |
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