- Crude prices fell for the fourth straight day on Tuesday.
- Disappointing macroeconomic data releases continue to weigh on sentiment.
- Investors await API’s weekly crude stock data.
Crude prices continued to push lower for the fourth consecutive trading day on Tuesday and a barrel of West Texas Intermediate (WTI) settled at $ 66.59, shedding more than 1% on the day.
Demand concern drags oil lower
Disappointing retail sales and industrial production data from China revived concerns about a shaky recovery in global energy demand and weighed on oil prices earlier in the week.
On Tuesday, data released by the US Census Bureau revealed that retail sales contracted 1.1% in July, compared with market expectations of a 0.2% drop. Although the Fed’s monthly report showed that industrial production expanded at a stronger-than-expected rate in the same period, it did not help improve market sentiment.
In addition, Japan announced that it extended the state of emergency until mid-September in several regions and New Zealand imposed a national blockade until the end of the week.
Reflecting the risk averse market environment, the top three Wall Street indices are still on track to post a daily loss of around 1%.
Meanwhile, the US Energy Information Administration (EIA) reported that US shale oil production rose to its strongest level since April 2020, according to Reuters.
Later in the session, the American Petroleum Institute will release weekly data for crude stocks.
Technical levels to take into account
WTI
| Overview | |
|---|---|
| Today last price | 66.3 |
| Today’s Daily Change | -0.93 |
| Today daily change% | -1.38 |
| Today they open every day | 67.23 |
| Trends | |
|---|---|
| Daily SMA20 | 69.79 |
| SMA50 daily | 71.26 |
| SMA100 daily | 67.53 |
| SMA200 daily | 60.22 |
| Levels | |
|---|---|
| Previous Daily High | 68.04 |
| Previous Daily Low | 65.53 |
| Previous weekly high | 69.42 |
| Previous Weekly Low | 65.03 |
| Previous monthly maximum | 76.4 |
| Previous Monthly Low | 64.99 |
| Daily Fibonacci 38.2% | 66.49 |
| Daily Fibonacci 61.8% | 67.08 |
| Daily Pivot Point S1 | 65.83 |
| S2 daily pivot point | 64.43 |
| S3 Daily Pivot Point | 63.32 |
| R1 daily pivot point | 68.33 |
| Daily pivot point R2 | 69.44 |
| R3 daily pivot point | 70.84 |
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