Australia  

Celebrating 10 Years of Trusted News Discovery
One News Page
> >

WTI flat around $54.00, looks to US-China trade talks

FXstreet.com Thursday, 31 January 2019
· *Prices of WTI are holding on to the $54.00 mark/bbl today.*
· *Traders look to developments from the US-China trade front.*
· *OPEC oil supply dropped in January.*

Prices of the barrel of the West Texas Intermediate are struggling for direction around the $54.00 mark in the second half of the week.

*WTI focused on US-China trade talks*

WTI is adding to its weekly gains around the $54.00 handle, up for the third session in a row and trading at shouting distance from yesterday’s fresh 2019 peaks near $54.70.

The offered tone in the greenback is also collaborating with the upbeat momentum in crude oil prices, which remain propped up after the OPEC said its output dropped by the largest amount this month, led by production cuts in Saudi Arabia.

It is worth recalling that crude oil prices advanced further on Wednesday after the EIA reported a smaller-than-expected build in US supplies during last week.

*What to look for around WTI*

Crude oil prices are attempting to break above the multi-day sideline theme prevailing since mid-January. That said, the OPEC+ agreement to curb oil output keeps sustaining the optimism in prices, aided by supply jitters coming from Libya and sanctions against Venezuela and Iran. However, extra gains in crude oil prices appear somewhat eclipsed by the probability of a global slowdown, uncertainty around the US-China trade dispute and omnipresent concerns over a supply glut led by increasing US oil production.

*WTI significant levels*

At the moment the barrel of WTI is advancing 0.07% at $54.08 facing the next up barrier at $54.73 (2019 high Jan.30) seconded by $58.00 (high Nov.18 2018) and finally %59.06 (100-day SMA). On the other hand, a break below $53.17 (10-day SMA) would aim for $51.81 (21-day SMA) and then $51.13 (low Jan.28).
0
shares
ShareTweetSavePostSend
 

Recent related videos from verified sources

China Geely Auto's full-year profit jumps 18 pct, shares climb [Video]China Geely Auto's full-year profit jumps 18 pct, shares climb

China's Geely Automobile Holdings posted an 18 percent jump in annual net profit, driven by higher sales of its sedans and sports utility vehicles (SUVs). But, as Francis Maguire reports, Geely..

Credit: Reuters Studio     Duration: 00:47Published

Tariffs On Chinese Goods Could Last [Video]Tariffs On Chinese Goods Could Last

On Wednesday U.S. President Donald Trump warned that the United States may leave tariffs on Chinese goods for a “substantial period” to ensure that Beijing complies with any trade agreement...

Credit: Rumble     Duration: 00:34Published

How Does The OBJ Trade Affect The Browns Draft Strategy [Video]How Does The OBJ Trade Affect The Browns Draft Strategy

On this week's episode of MMQB TV, Daryl Ruiter talks us through the Browns new draft strategy after the blockbuster Odell Beckham Jr. trade.

Credit: Sports Illustrated     Duration: 01:31Published

Trade Deal Between the U.S. and China is Likely as Talks Resume, Puzder Says [Video]Trade Deal Between the U.S. and China is Likely as Talks Resume, Puzder Says

With negotiations set to resume between the U.S. and China, author and former CEO Andy Puzder says he is optimistic a deal can be made in this final push for an agreement. “Both sides need a deal,..

Credit: Cheddar Inc.     Duration: 02:09Published

Jim Cramer on Alphabet, FedEx. Disney, Jerome Powell and Disney-Fox [Video]Jim Cramer on Alphabet, FedEx. Disney, Jerome Powell and Disney-Fox

Happy Hump day! Here are some of the headlines that Jim Cramer is watching. Alphabet's Stadia Streaming Real Money's Stock of the Day Alphabet, the parent company of Google , unveiled its new..

Credit: The Street     Duration: 10:01Published

Stocks Finally Snap Streak With Stumble [Video]Stocks Finally Snap Streak With Stumble

LONDON (Reuters) - World shares’ longest rally of the year looked set to stumble on Wednesday as investors took profits before a U.S. Federal Reserve’s policy decision, which is expected to offer..

Credit: Rumble     Duration: 00:47Published

World Stocks Winning Streak In Jeopardy [Video]World Stocks Winning Streak In Jeopardy

LONDON (Reuters) - World shares faced an end to their longest winning streak of the year as investors took profits on Wednesday before the U.S. Federal Reserve’s policy decision, seen as offering..

Credit: Wochit     Duration: 00:41Published

Wall Street sheds gains on trade talk news [Video]Wall Street sheds gains on trade talk news

The benchmark S&P 500 index ended flat Tuesday as investor optimism regarding the Federal Reserve's expected affirmation of its dovish policy stance was offset by reports of fault..

Credit: Rumble     Duration: 01:21Published

Wall Street Moves To U.S.-China Trade Optimism [Video]Wall Street Moves To U.S.-China Trade Optimism

According to Reuters, U.S. stocks gained ground on Friday, boosted by shares of technology companies, as sentiment was lifted by an upbeat note on trade talks between the United States and China.

Credit: Rumble     Duration: 00:41Published

Wall Street Up On U.S.-China Trade News [Video]Wall Street Up On U.S.-China Trade News

FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 7, 2019. REUTERS/Brendan McDermid/File Photo (Reuters) - U.S. stocks rose slightly at open on Friday..

Credit: Rumble     Duration: 00:47Published

You Might Like


Tweets about this

MohamedGhilan

𝐌𝐨𝐡𝐚𝐦𝐞𝐝 𝐆𝐡𝐢𝐥𝐚𝐧 | محمـــد غيـــلان RT @NYJ3tRetweet: @MohamedGhilan When a person looks all around space. When he looks at the sun and moon and all other planets he seems the… 4 hours ago

TalMikhailTal

FEMA Camp refugee Flat earth British channel is Psyop i Believe Gorton old videos first and about ten videos in with 200 so views h… https://t.co/HVJXXGrWpq 7 hours ago

annamariafeath1

annamariafeatherwinged and rolling around here...the grass looks flat and more... https://t.co/eBknhvL3K3 10 hours ago

tpcarrrasco

Foro Kristo The children cheer and begin to run around as well. The man just looks on fondly, pleased with the predicament he… https://t.co/514Vzq7kgy 12 hours ago

Artemisbell

Diana Campanella @TikoTheTyko Sure looks flat to me. At that height you would be looking down around a ball, if ships sail out of sight at 3 miles or so. 15 hours ago

NYJ3tRetweet

☆ K|\|ICK@Rii ☆ @MohamedGhilan When a person looks all around space. When he looks at the sun and moon and all other planets he see… https://t.co/lfePCgs9nv 17 hours ago

ChaskaDaisy

Chaska @Rambobiggs I just want to know what it looks like on the other side, or what happens when I reach the edge, or bet… https://t.co/WLJv7HECeP 20 hours ago


Other recent news in Markets

MATTRESS Retailer/Crypto Fund Manager Taken To Court By Disgruntled ClientsWill BOEING's Problems Spell Trouble for GE Aviation?
LEVI STRAUSS: hot pantsEU Summit: BREXIT EXTENSION until May 22
Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2019 One News Page Ltd. All Rights Reserved.
About us  |  Contact us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  In the News  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? FeedbackSend us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter  •  FOLLOW us on Pinterest
One News® is a registered trademark of One News Page Ltd.