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Forex

Crude oil price edges a bit higher to $59.5

Crude oil price edges a bit higher to $59.5

July 16, 2019 | SQUARED DIRECT – With the market sentiment getting cautious ahead of the key data/events, the US Dollar lost its latest recovery, which in turn helps WTI to bounce off from yesterday’s lows. The energy benchmark declined on Monday after China’s growth numbers slumped to multi-year lows.

Adding to the downside could be the usual performance of the oil refiners around the Gulf of Mexico. However, Iranian demands from the US to first remove harsh sanction and return to the 2015 Nuclear Deal in order to discuss future ties highlights the geopolitical uncertainty surrounding the black gold’s output and limited further downpour.

Markets remain worried ahead of the key US Retail Sales, UK employment and EU Trade Balance numbers that will show the strength of the world’s leading economies. Though, major attention will be given to the global central bankers’ comments at the French G7 Presidency 2019 appearances. Market players will be keen on receiving the signs of further monetary easing from the central bank leaders.

Crude oil price technical analysis

Crude prices declined as expected during yesterday’s session reaching the $59.28 support level as they continue to lose traction on the momentum. The price got the expected support from the $59.28 level and edged a bit higher during today’s early session and it’s currently trading around the $59.5 level. We will be focusing on the upside and the next level we will be watching is the $60.24 resistance level.

Support: 59.28 / 58.8
Resistance: 59.99/ 60.24

Chart (H4)

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