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27 May 2020

WTI stays below $34.50, prints mild losses in Asia

  • WTI recedes from intraday high of $34.44.
  • Fears of record declines in global energy investment, US dollar pullback weigh on the black gold.
  • API data, US-China headlines can offer immediate trade guidance.

WTI slips from the daily high to $34.20, down 0.23% on a day, while heading into the European session on Wednesday. The barrel of black gold recently refreshed the intraday top to $34.44 but stepped back amid the USD recovery. Also weighing the energy benchmark could be the International Energy Agency’s (IEA) downbeat comments.

While there hasn’t been any major positive from the US economy, the pause to the previous risk aversion wave seems to have helped the US currency off-late. The Sino-American tussle is back focus after US President Donald Trump signaled sanctions on China by the end of the week. Further to challenge the optimists could be expectations of Beijing firming grip in Hong Kong, which in turn is expected to result in another mass protests in the Asian nation.

That said, the US dollar Index (DXY), a gauge of the greenback versus major currencies, bounces off the lowest levels since May 01 while taking the bids near the intraday high of 99.19 by the press time.

It’s worth mentioning that the IEA recently downgraded its energy investment forecast by about $400 billion, the biggest ever annual contraction.

Given the recent Reuters’ news conveying the start of public outrage against the Chinese Security Bill in Hong Kong, energy prices may regain the bids. However, any more firming of the USD could keep the oil’s upside limited. On the data front, Weekly Crude Oil Stock from the American Petroleum Institute (API), prior -4.8 million barrels, might offer an additional catalyst to watch.

Technical analysis

100-day EMA level of $35.40 keeps the bulls checked, a break of which push the bulls towards March high near $36.65. Meanwhile, Friday’s low near $30.90 stays on the bears’ radar as nearby support during the fresh declines.

 

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