Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Trading news
Back
12 Feb 2020

WTI firmer, regains the $51.00 mark ahead of EIA

  • Prices of the WTI advance beyond the $51.00 mark.
  • Russia has to still decide on deeper output cuts.
  • EIA weekly report on US oil stockpiles next on the docket.

Prices of the barrel of the American reference for the sweet light crude oil are trading in weekly highs above the $51.00 mark on Wednesday.

WTI bid ahead of data, looks to OPEC+

Prices of the West Texas Intermediate are advancing for the second session in a row on Wednesday, trading back to the levels beyond the $51.00 mark per barrel on improving risk-on sentiment in the global markets and news that the OPEC reduced its oil output during the first month of the year.

In addition, the cartel also revised lower its forecasts for crude oil demand for the current year to more than 29M bpd, some 200K barrels lower than the previous projections.

In the meantime, and with ebbing concerns regarding the coronavirus, traders keep looking to the possibility that the cartel could extend further the oil output cut agreement, while a decision to implement deeper cuts is still waiting for Russia’s decision on the fact.

Moving forward, the EIA will publish its weekly report on US crude oil inventories. Late on Tuesday, the API reported a 6M build during last week, adding to the previous weekly increase.

What to look for around WTI

Crude oil prices are attempting a serious rebound after bottoming out in 2020 lows around $49.30 per barrel of West Texas Intermediate. All the attention has now shifted to the OPEC+ and the palpable likelihood that the cartel could extend the ongoing agreement and announce deeper cuts. Also adding to the upbeat tone in the commodity, the military unrest in Libya remains unsolved, while declining production keeps weighing on exports from the key North African producer.

WTI significant levels

At the moment the barrel of WTI is advancing 3.12% at $51.47 and faces the next resistance at $52.18 (weekly high Feb.6) seconded by $54.35 (weekly high Jan.29) and then $56.66 (200-day SMA). On the other hand, a breach of $49.31 (2020 low Feb.5) would aim for $42.20 (2018 low Dec.24) and finally $41.83 (2017 low Jun.21).

Feb 12, 2020

US: Fed to cut rates probably in April – Danske Bank

Strategists at Danske Bank analyze the situation of the American economy and which steps can take Fed’s Chair Powell in the coming months. Their view
Read more Previous
Feb 12, 2020

Wall Street extends rally, DJIA hits new all-time highs

Wall Street's main indexes started the day decisively higher on Wednesday amid strong demand for risk-sensitive assets on the back of the improved mar
Read more Next