WTI Price Fundamental Analysis

Having witnessed a volatile session last Friday, the 29 January WTI Price Fundamental Analysis shows that WTI consolidates gains below $ 66.50. Read on!

29 January, GKFX – Having witnessed a volatile session last Friday, WTI (oil futures on NYMEX) trades modestly flat so far this Monday, as attention now turns towards the fresh US crude supplies report due on the cards in the week ahead.

29 January WTI Price Fundamental Analysis

  • Firmer DXY, rising US output weighs.
  • Will it keep the $ 66 mark?

The barrel of WTI moved-continues to meet fresh supply near the midpoint of the 66 handle, as a rise in the US rigs continue to indicate rising US oil production levels. The US energy companies added 12 oil rigs drilling for new production last week, taking the total to 759.

Moreover, a rebound staged by the US dollar against its main competitors also keeps the upside capped in the USD-sensitive oil. A stronger dollar makes the USD-denominated oil more expensive to the foreign buyers.

However, from a broad perspective, the sentiment remains underpinned by the OPEC-Russia oil output cuts deal extension and healthy global economic growth outlook. Further, in light of better global growth prospects, J.P Morgan increased its 2018 average price forecast by $10 per barrel to $70 per barrel for Brent and by $10.70 per barrel for WTI to $65.63.

At the time of writing, WTI trades modestly flat at $66.20 while Brent drops -0.40% to $69.85.

WTI Technical Levels

The resistances are aligned at $66.66 (3-year tops) ahead of $67 (natural resistance) and $ 67.50 (psychological levels). On the downside, supports are located at $65.94 (5-DMA), $64.84 (10-DMA) and $64.34 (Jan 24 low).


This article 29 January WTI Price Fundamental Analysis was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

    Share Your Opinion, Write a Comment