Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

Futures on US West Texas Intermediate Crude Oil extended gains from the prior two trading days on Thursday, while hitting highs not seen since late February 2020, after the unilateral decision by Saudi Arabia to slash production during the upcoming two months. Additional support to prices came after a weekly report showed a drop in US crude oil inventories.

Saudi Arabia, the largest oil exporter worldwide, announced that it would voluntarily slash 1 million barrels per day of oil output in February and March, following an OPEC+ meeting earlier this week.

Meanwhile, a report by the US Energy Information Administration (EIA) showed on Wednesday that crude oil inventories had dropped by 8.01 million barrels during the week ended January 1st, marking a fourth consecutive period of decrease. In comparison, analysts on average had expected a 2.133 million drop in inventories last week.

Oil prices have also drawn support from a weaker US Dollar.

“WTI crude seems poised to rise higher as the Biden administration will clamp down on U.S. crude production, the Saudis tentatively alleviated oversupply concerns with their 1-million bpd cut present, and as the dollar’s days seem numbered,” Edward Moya, senior market analyst at OANDA, was quoted as saying by Reuters.

As of 10:07 GMT on Thursday WTI Crude Oil Futures were edging up 0.49% to trade at $50.88 per barrel, after earlier touching an intraday high of $51.28, or its strongest level since February 25th 2020 ($52.02 per barrel). WTI Crude Oil Futures have risen 4.86% so far in January, following another 7.01% surge in December.

Brent Oil Futures were edging up 0.59% on the day to trade at $54.48 per barrel, after earlier touching an intraday high of $54.88, or its strongest level since February 26th 2020 ($55.42 per barrel). Brent Oil Futures have risen 5.49% so far in January, following another 8.52% surge in December.

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

Central Pivot – $50.35
R1 – $51.22
R2 – $51.81
R3 – $52.68
R4 – $53.55

S1 – $49.76
S2 – $48.89
S3 – $48.30
S4 – $47.71

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

Central Pivot – $53.99
R1 – $54.87
R2 – $55.57
R3 – $56.45
R4 – $57.32

S1 – $53.29
S2 – $52.41
S3 – $51.71
S4 – $51.00

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

  • Forex Market: EUR/GBP daily trading forecastForex Market: EUR/GBP daily trading forecast Friday’s trade saw EUR/GBP within the range of 0.7337-0.7432. The pair closed at 0.7391, gaining 0.20% on a daily basis.At 7:21 GMT today EUR/GBP was down 0.18% for the day to trade at 0.7385. The pair touched a daily low at 0.7384 at 7:20 […]
  • Forex Market: USD/PLN daily forecastForex Market: USD/PLN daily forecast During yesterday’s trading session USD/PLN traded within the range of 3.0834-3.0977 and closed at 3.0954, gaining 0.34% on a daily basis.At 7:47 GMT today USD/PLN was down 0.04% for the day to trade at 3.0939. The pair touched a daily low […]
  • Peugeot lost market share as European car market fell 5%Peugeot lost market share as European car market fell 5% European car sales fell 5% last month, the Association of European Carmakers said on Tuesday, as PSA Peugeot Citroen lost more ground to premium and Asian rivals.Registrations of new passenger cars slumped by 5% in August after a 5% […]
  • Mastercard shares fall for a third straight session on Monday, company to create 1 500 tech jobs in DublinMastercard shares fall for a third straight session on Monday, company to create 1 500 tech jobs in Dublin Mastercard Inc (MA) intends to recruit 1 500 additional staff in Dublin over the upcoming 3 to 5 years, Reuters reported.According to IDA Ireland state agency, as a result of the move, Mastercard's headcount will increase to over 2 000 […]
  • EUR/CHF scales 32-week peak ahead of ECB policy decisionEUR/CHF scales 32-week peak ahead of ECB policy decision Key momentsEUR/CHF trades near highs last seen on July 24th 2024 ECB expected to deliver another 25 basis point cut to benchmark rates Swiss jobless rate down to 2.9% in FebruaryThe EUR/CHF currency pair was holding near […]
  • Forex Market: USD/PLN daily forecastForex Market: USD/PLN daily forecast During yesterday’s trading session USD/PLN traded within the range of 3.0459-3.0578 and closed at 3.0532.At 11:18 GMT today USD/PLN was gaining 0.13% for the day to trade at 3.0587. The pair breached the first key resistance and touched a […]