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Crude oil prices rose sharply on Wednesday amid easing worries over the potential negative impact of the coronavirus outbreak on the global oil demand. The latest figures reported by China showed that the growth rate of new infections fell to its lowest level since late January and the recovery rate from infections rose to 10.6% from 1.3% to boost the market sentiment.
The barrel of West Texas Intermediate advanced to its highest level in six days at $51.72 before erasing a small portion of its gains following the US Energy Information Administration's (EIA) weekly oil market report. As of writing, the WTI was trading at $51.25, adding 2.65% on a daily basis.
EIA data caps WTI's gains
Commercial crude oil inventories in the US rose 7.5 million barrels in the week ending February 7th, the EIA reported. This reading came in much higher than the market expectation for an increase of 3 million barrels.
Earlier in the day, the Organization of the Petroleum Exporting Countries (OPEC) announced that it lowered its forecast for 2020 global oil demand growth by 230,000 barrels per day (bpd) to 0.99 million bpd. "The coronavirus outbreak adds to uncertainties for the oil market in 2020," OPEC noted in its monthly report and added that they need "continuous monitoring." Nevertheless, crude oil preserved its bullish momentum despite OPEC's cautious outlook.
Meanwhile, markets are still waiting for Russia and Kazakhstan to decide whether they will agree to deepen the oil output cut as recommended by OPEC+ Joint Technical Committee (JTC) last week.
Disliked{quote} 51 now being tested atm, I think it's bullish a ready for a break, initial upside targets 51.69/52.30 resistance 51.20 could break with news anticipation 54 still on the cards imo Bearish and more sideways below 50.81 Edit Barcharts monthly chart showing volume {image}Ignored
DislikedI wonder why the news don't report that the fatility rate is 2% and the recovery rate is 11%Ignored
DislikedWTI is going back to 58. It's just a matter of time. I personally don't trade with leverage, so I am holding my long position with a target of 58 hopefullyIgnored
DislikedWouldn't trust/bet that this is a trend reversal just yet, but will be watching closely the next week and the week after.. By end of FEB, or the last week of it... I might be much more comfortable entering the BUY, but also have to check how this nCoV fits in...Ignored
Disliked{quote} Pushed down from target at 51.69, looking for support 51.20/50.81 if it goes, upside target 52.30/53.03 I think 51.69 is a critical bull level nowIgnored
Disliked14 February 2020 Bit of an inverse HnS on the charts with price seeming to be closing above my heard stop area depending on the trend, Price has startewd closing above it and bouncing off of it for support on a closing basis, as such will be looking and waiting for price to rally and pull my leading line and entry line above it to confirm the Inverse HNS setup thats shaping up with targets near 52.9..... Patience... {image}Ignored
Disliked{quote} Pushed down from target at 51.69, looking for support 51.20/50.81 if it goes, upside target 52.30/53.03 I think 51.69 is a critical bull level nowIgnored