Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

Futures on US West Texas Intermediate Crude Oil extended losses from the prior trading day on Friday, while hitting a fresh 2 1/2-week low, as reports emerged that US President Trump had tested positive for COVID-19. Additionally, fuel demand concerns continued to persist with no US fiscal stimulus deal in sight yet.

Risk sentiment soured, mounting additional pressure on oil market, after President Trump said in a tweet that he and first lady Melania would go into quarantine to begin process of recovery. Reports stated that Hope Hicks, a senior advisor who had recently traveled with the president, tested positive for COVID-19 earlier.

Oil was already in the red after an agreement on more fiscal stimulus to cushion the impact from the pandemic had not been reached between the Trump administration and Democrat-led House of Representatives, which heightened concerns over weakening demand.

“It was a weak market already and this event has come along and added uncertainty, giving pause for people to say, ‘you know what, I’m taking some risk off the table’,” Lachlan Shaw, head of commodity research at National Australia Bank, said, cited by Reuters.

Accelerating virus spread continued to weigh on global oil consumption prospects as several countries have moved to impose tighter restrictions.

The latest data by the Center for Systems Science and Engineering at Johns Hopkins University showed total confirmed COVID-19 cases had already surpassed 34.312 million worldwide, with US cases now exceeding 7.278 million. Global death toll has surpassed 1.023 million, with more than 207,000 deaths reported in the United States alone.

As of 9:15 GMT on Friday WTI Crude Oil Futures were retreating 2.92% to trade at $37.59 per barrel, after earlier touching an intraday low of $37.22, or its weakest price level since September 15th ($37.06). WTI Crude Futures were poised for a second straight week of losses, being down 6.46%.

Brent Oil Futures were losing 2.90% on the day to trade at $39.54 per barrel, after earlier touching an intraday low of $39.42, or a price level not seen since September 15th ($39.40). Brent Oil Futures were on track for a second straight week of decline, being down 5.36%.

Daily Pivot Levels (traditional method of calculation) – WTI Crude Oil Futures

Central Pivot – $38.93
R1 – $40.26
R2 – $41.79
R3 – $43.12
R4 – $44.44

S1 – $37.40
S2 – $36.07
S3 – $34.54
S4 – $33.00

Daily Pivot Levels (traditional method of calculation) – Brent Oil Futures

Central Pivot – $41.07
R1 – $42.19
R2 – $43.67
R3 – $44.79
R4 – $45.92

S1 – $39.59
S2 – $38.47
S3 – $36.99
S4 – $35.52

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • US stock futures soared amid Fed chairman raceUS stock futures soared amid Fed chairman race U.S. stock-index futures and Treasuries rose, and the dollar fell, after Lawrence Summers withdrew from the race to be the next Federal Reserve chairman.Standard & Poor’s 500 Index futures expiring in December added 1.1% to 1,700.3 at […]
  • NV5 secures $13 million in data center contractsNV5 secures $13 million in data center contracts NV5 Global Inc (NASDAQ: NVEE), a provider of technology, conformity assessment and consulting solutions, said this week it had secured $13 million in contracts to support the expansion of data center assets for technology and financial […]
  • Gold trading outlook: futures steady as investors eye the US data stringGold trading outlook: futures steady as investors eye the US data string On Thursday gold for delivery in June traded within the range of $1,225.40-$1,245.80. Futures closed at $1,231.00, plummeting 0.96% on a daily basis. It has been the 26th drop in the past 52 trading days and also a third consecutive one. The […]
  • Switzerland producer prices fall the least since DecemberSwitzerland producer prices fall the least since December Producer and import prices in Switzerland decreased at an annual rate of 1.7% in July, the latest data by the Swiss Federal Statistical Office showed.It has been the 15th consecutive month of year-on-year decline, but yet, the slowest […]
  • Forex Market: EUR/GBP daily trading forecastForex Market: EUR/GBP daily trading forecast Yesterdays trade saw EUR/GBP within the range of 0.7340-0.7388. The daily high has also been the highest level since February 23rd, when a high of 0.7409 was recorded. The pair closed at 0.7373, rising 0.22% on a daily basis and marking a […]
  • AT&T Inc. share price up, CSO Stankey points Latin America as a region of interestAT&T Inc. share price up, CSO Stankey points Latin America as a region of interest The Chief Strategy Officer of AT&T Inc. - Mr. John Stankey said that the carrier saw a lot of near-term and long-term options for AT&T in Latin America and is poised for acquisitions in Mexico."In particular, Mexico, if you step […]