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
1 Feb 2021

WTI trades modestly higher, stays below $53

  • Crude oil prices are rising modestly supported by risk flows.
  • Reuters survey showed that OPEC output rose in January. 

Crude oil prices continue to fluctuate in a relatively tight range on Monday after closing the previous week little changed. As of writing, the barrel of West Texas Intermediate was up 0.9% on a daily basis at $52.65.

Last week, the data published by the US Energy Information Administration showed a sharp decline in the US crude oil inventories and helped the WTI stay in the upper half of its weekly range. Additionally, easing vaccine-related tensions between the EU and the UK revived hopes for a steady recovery in energy and demand allowed oil to start the new week on a firm footing.

Meanwhile, a Reuters survey showed that the Organization of the Petroleum Exporting Countries' (OPEC) oil output rose for the seventh month in January, possibly limiting WTI's upside for the time being.

WTI outlook

"Medium-term, TD Securities sees WTI averaging around $55/b once the economy normalizes," TD Securities analysts said in a report published last week. "Demand is on target to grow the expected 5.5 million barrels per day in 2021 and excessive supply growth concerns fade, with Brent a few dollars higher."

Technical levels to watch for

 

Feb 1, 2021

EUR/USD could extend its slump to 1.1970

The EUR/USD pair has bottomed for the day at 1.2069, still holding above a major support level at 1.2060, the 38.2% retracement of its November/Januar
Read more Previous
Feb 1, 2021

GBP/USD flirts with session lows, around 1.3680-75 region

The GBP/USD pair extended its steady intraday retracement slide and dropped to fresh daily lows, around the 1.3675 region during the early North Ameri
Read more Next