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WTI trades at fresh monthly highs above $56.80

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WTI trades at fresh monthly highs above $56.80

  • Renewed trade optimism supports crude oil prices on Monday.
  • OPEC+ is expected to discuss deeper output cuts in December.

Crude oil prices rose sharply last week boosted by heightened expectations for deeper supply cuts and falling crude oil stocks in the United States. After adding 5.5% last week, the barrel of West Texas Intermediate (WTI) started the new week under a modest pressure after Russia’s deputy energy minister on Monday said that they will “factor in” the slowdown of the oil production in the United States and added that it was too premature to talk about deeper output cuts.

Sentiment improves on trade headlines

Although the WTI fell toward the $56 handle earlier in the session, it gained traction, once again, on easing fears over the potential negative impact of a protracted US-China trade dispute on the global energy demand growth.

US President Donald Trump on Monday said that they were “ahead of schedule” to sign the phase one of the US-China trade deal and added that he was expecting them to sign the deal at the APEC meeting in Chile. Boosted by these comments, the WTI advanced to its highest level since late September at $56.88 and was last seen trading at $56.80, up 0.4% on a daily basis.

Technical levels to watch for

WTI

OVERVIEW
Today last price 56.81
Today Daily Change 0.05
Today Daily Change % 0.09
Today daily open 56.76
TRENDS
Daily SMA20 53.93
Daily SMA50 55.44
Daily SMA100 55.83
Daily SMA200 57.33
LEVELS
Previous Daily High 56.78
Previous Daily Low 55.64
Previous Weekly High 56.78
Previous Weekly Low 52.89
Previous Monthly High 63.13
Previous Monthly Low 52.77
Daily Fibonacci 38.2% 56.34
Daily Fibonacci 61.8% 56.08
Daily Pivot Point S1 56.01
Daily Pivot Point S2 55.25
Daily Pivot Point S3 54.87
Daily Pivot Point R1 57.15
Daily Pivot Point R2 57.53
Daily Pivot Point R3 58.29
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