FXEMPIRE
All
Ad
Advertisement
Advertisement
James Hyerczyk
Add to Bookmarks
WTI Crude Oil
EIA Oil Report

U.S. West Texas Intermediate crude oil futures jumped more than 2% on Wednesday, boosted by lower U.S. inventories of crude, gasoline and distillates which raised investor hopes for a return in fuel demand.

A weaker U.S. Dollar also support prices. A weak greenback tends to drive up foreign demand for dollar-denominated commodities like crude oil.

Advertisement
Know where WTI Crude Oil is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

At 17:48 GMT, February WTI crude oil is trading $48.09, up $1.07 or +2.28%.

In other news, the number of Americans filing first-time unemployment benefits fell unexpectedly last week, but remained high as more businesses faced restrictions and consumers curled up in the face of the increase in COVID-19 cases.

Daily February WTI Crude Oil

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A trade through $49.43 will signal a resumption of the uptrend. The main trend will change to down on a move through $45.14.

The major support is a long-term Fibonacci level at $46.04. Today’s selling stopped at $46.16.

The minor range is $49.43 to $46.16. The market is currently straddling its 50% level at $47.80.

Advertisement

Daily Swing Chart Technical Forecast

The direction of the market into the close is likely to be determined by trader reaction to $47.80.

Bullish Scenario

A sustained move over $47.80 will indicate the presence of buyers. If this generates enough upside momentum then look for a possible retest of the main top at $49.43.

Bearish Scenario

A sustained move under $47.80 will signal the presence of sellers. The next potential downside targets are $46.16 and $46.04.

For a look at all of today’s economic events, check out our economic calendar.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker