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
17 Feb 2020

WTI consolidates the upside around $52.30 amid light trading

  • WTI caught between coronavirus-led demand concerns and OPEC+ cuts hopes.
  • US holiday-led quiet trading adds to the upside consolidative mode.  
  • Focus remains on virus updates and US weekly crude supplies for directives.

Having reached the highest level in three weeks at $52.63 in early Asia, WTI (oil futures on NYMEX) witnessed a wild ride before entering a consolidative mode around 52.30 levels, where it now wavers.

The subdued trading activity seen in the black gold can be partly attributed to thin trading, as the US traders away on account of President’s Day holiday. The bulls also take a breather after the commodity rallied nearly 3.5% last week.

Meanwhile, markets refrain from placing any directional bet on the barrel of WTI, as they remain divided between rising China’s oil demand concerns, in the wake of growing coronavirus risks and its economic impact, and expectations that the OPEC and its allies (OPEC+) will extend the output cuts to stabilize oil markets. The latest monthly oil reports by both OPEC and International Energy Agency (IEA) pointed to the dwindling 2020 oil demand growth outlook across the globe amid the coronavirus outbreak.

Markets will continue to eye the coronavirus-related updates for any impact on the risk sentiment, which will eventually influence the oil price moves. Meanwhile,  the US weekly Crude Stocks Change data due later this week will remain in focus for a fresh trading direction.

WTI Technical levels to consider

 

Feb 17, 2020

EUR/USD: : Bears remain in control

The world's most popular currency pair hit a 34-month low at 1.0820 and is attempting a recovery. Nevertheless, fundamentals and technicals are pointi
Read more Previous
Feb 17, 2020

Indonesian FinMin Indrawati urges EU companies to avail tax holiday, USD/IDR hits 3-day lows

Speaking at the Indonesia Economic and Investment Outlook 2020 co-held by the Investment Coordinating Board (BKPM) and EuroCham Indonesia, the country
Read more Next