WTI vulnerable, but holds $ 66

24 October, 2018

Bearish API report, Saudi’s pledge and stronger US weigh down on oil. Attention turns towards EIA crude stocks data for fresh impetus to the oil markets.

WTI (oil futures on NYMEX) extends its Asian bearish consolidation phase into Europe, as the bears take a breather and await the weekly EIA crude stockpiles data for the next direction. The official US government’s crude supply report is due at 1430 GMT.

The negative tone around the barrel of WTI remains intact amid a broadly stronger US dollar, as both the European currencies bear the brunt of the regional political turmoil while risk-off on the European equities weigh down on the higher-yielding currencies such as the AUD, Kiwi etc.

Further, oil remains undermined by Saudi Arabia’s pledge to fulfill any oil demand due to Iran export drop by playing a “responsible role” in energy markets. Meanwhile, a bigger-than-expected build in the US API crude inventories also keeps the black gold on the defensive.       

According to Swissquote Bank Research Team, “short positions below 67.20 with targets at 65.70 & 65.05 in extension. Above 67.20 look for further upside with 67.90 & 68.50 as targets. The RSI is capped by a declining trend line.”

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