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31 Dec 2019

WTI: Bulls regain poise, $62 back on sight ahead of API

  • Oil supported by weaker USD, OPEC+ supply cuts and trade optimism.
  • September highs above $63 still on sight, as 2019 draws to an end.
  • Markets await API Crude Stocks data amid New Year’s Eve quiet trading.

WTI (oil futures on NYMEX) is trading modestly flat above $61.50, having reversed a brief dip to $61.39 lows. The bulls have fought back control amid a fresh round of selling seen in the US dollar versus its main competitors.

The optimism around the US-China phase one trade deal signing continues to undermine the sentiment around the safety bet, the greenback, with the US dollar index now testing the five-month lows of 96.61. The index is down -0.13% on the day. A weaker buck makes the USD-denominated oil cheaper for the holders in foreign currencies.

Despite the flat trading so far this Tuesday, the black gold is set to post its biggest annual rise since 2016, mainly supported by continued de-escalation of the US-China trade tensions and OPEC and its allies (OPEC+) supply cuts extension.

Additionally, persisting US-Middle East geopolitical tensions also caps the downside attempts in the barrel of WTI. “Tensions remain high in the Middle East after U.S. airstrikes on Sunday against the Katib Hezbollah militia group in Iraq and Syria”, as cited by Reuters.

Markets now look forward to the American Petroleum Institute’s (API) weekly Crude Stocks data due at 2130 GMT for fresh trading incentives, in light of year-end slowing volumes.

WTI Technical levels to consider

 

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