WTI extends the consolidation around $40.00 ahead of API

Prices of the barrel of WTI extend the consolidative mood for yet another session on Tuesday, always around the key $40.00 level. WTI looks to pandemi  |  20/10/2020 14:24
  • Prices of the WTI moves within the usual range around $40.00.
  • Next important resistance emerges around $41.50, monthly tops.
  • The API’s weekly report on crude oil supplies comes up next.

Prices of the barrel of WTI extend the consolidative mood for yet another session on Tuesday, always around the key $40.00 level.

WTI looks to pandemic, data

There are no new developments in the crude oil universe, as traders remain vigilant on the advance of the second wave of the coronavirus pandemic and its impact on the global growth prospects.

The barrel of the West Texas Intermediate remains side-lined and posts marginal gains on Tuesday following three pullbacks in a row and despite the publication of recent Chinese Q3 GDP figures, which showed the economic recovery keeps the firm pace so far.

In addition, and somewhat bolstering crude oil prices, OPEC Secretary M.Barkindo recently said that the cartel will do its best to prevent another plunge in prices from happening again.

However, the prospects for oil demand remain fragile at best, always amidst the fast spreading pandemic and rising concerns over the economic recovery.

Later in the NA session, the API will report on the weekly variation of crude oil supplies (-5.422 mb prev.) ahead of the EIA’s report on Wednesday and Baker Hughes’ weekly report on the US drilling activity on Friday.

WTI significant levels

At the moment the barrel of WTI is down 0.28% at $40.58 and a breach of $39.07 (weekly low Oct.12) would aim for $37.91 (200-day SMA) and then $36.66 (monthly low Oct.2). On the other hand, the next hurdle is located at $41.46 (weekly high Sep.18) seconded by $43.75 (monthly high Aug.26) and finally $48.64 (monthly high Mar.3).

Share

Popular News

Show More Popular News

Market Insight's Views

Market Insight analyses will provide both fundamental and technical comprehensions on FX
and other asset classes for Market Insight viewers

RISK WARNING

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

  • ForexF
  • IndicesI
  • CommoditiesC
        Back

        Login to Market Insight Account

        Your Market Insight account gives you access to the tools that we offer our customers including our
        Technical Studies & Sentiment for your accounts.

        Forgot Password?

        Don't you have a Market Insight account? With a few easy steps you can easily register to Market Insight

        Create a Market Insight's Account

        Your Market Insight account gives you access to the tools that we offer our customers including our Technical Studies & Sentiment for your accounts.

        register_ty

        Thank you!

        Welcome to Market Insight family!

        You have succesfully completed the registration.
        We will send you an e-mail to give you some
        instructions and our Terms and Conditions!
        Our account representatives will be contacting you as
        soon as possible. If you have any further questions
        please do not hesitate to mail us via info@marketinsight.com