Crude Oil analysis – 13 Feb 2020

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By: Ahura Chalki

Fears in the line with EIA report, even with delay!

Oil rose yesterday, despite EIA and API very positive reports, however, optimistic seems is over by new death numbers, as it brocks all records, since the beginning of coronavirus when 242 death has been confirmed by BBC report.

The Energy Information Administration’s (EIA) weekly report, published yesterday for the week ending on Feb. 8, confirms that commercial crude oil held by US firms, rose by 7.459M barrels, while forecast by Investing was just 2.987M.

For now, it seems like the news from OPEC+ meeting and decisions, which supposed to be in March, had its weak effect and it’s over and handed to COVID-19’s headline and EIA positive report, to push the WTI price lower, again.

WTI technical analysis:

In the h1 chart, we can see clearly that candles are trying to drop down, under the middle line of BB, while the Market volume also is getting lower. RSI moves at 50, however, it has a slope down direction.

Pivot point: 51.40

Resistance levels: 52.71 / 53.15

Support levels: 50.96 / 49.65

Today, the expected trading range is between 49.65 support and 52.71 resistance.


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