Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: WTI crude oil retakes $60 mark after previous session's rout, 55-EMA offers strong support

USOIL chart - Trading View 

US oil has trimmed some of the previous session's losses and was trading 1.87% higher at 60.56 at around 08:40 GMT.

Oil prices plummeted across the Atlantic overnight amid vaccine concerns and technical selling.

Crude oil prices remain under pressure amid higher oil inventories and unabated pandemic concerns.

Focus now on the driller Baker Hughes' weekly report on US oil rig count on Friday. Analysts suggest further crude oil inventory builds are likely in the coming weeks.

That said, OPEC+ members remain flexible, cooperative and seemingly eager to keep crude oil prices supported.

Long-term bias for crude oil markets remains positive. Pullbacks are likely to be short-lived and shallow.

55-EMA is immediate support at 58.09. Break below will see test of cloud support at 54.96. Breach below cloud could change near-term dynamics.
 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.