Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Trading news
Back
28 Jul 2021

WTI hovers around $72 mark, awaits fresh impetus

  • WTI is posting small gains around $72 amid pre-Fed market caution.
  • Renewed US dollar buying, covid fears cap the upside.  
  • The US oil draws support from tighter supplies ahead of EIA data.  

WTI (futures on Nymex) is posting small gains while hovering around the $72 barrier, snapping two straight days of declines.

Despite the minor bids, the pre-Fed decision cautious trading and worries over surging covid cases globally continue to limit the upside attempts in the higher-yielding oil.

At the time of writing, the US oil rises 0.50% on the day to trade at $72.03, looking for fresh impetus in order to find acceptance above the latest. While holding at higher levels, the black gold consolidates its staggering recovery from two-month lows of $65.11 reached last week.

Expectations of tighter crude supplies continue to offer support to WTI bulls. This comes after the American Petroleum Institute (API) reported a bigger-then-expected draw in the US crude stockpiles. The API report showed that the US crude stocks fell by 4.7 million barrels for the week ended July 23 vs. expectations of a drop of 2.9 million barrels.

However, looming worries over the rapid spread of coronavirus and the International Monetary Fund’s (IMF) cutting its growth estimates for Emerging Asia raise concerns over the demand prospects for oil and its products, in turn, weighing on WTI prices.

Attention now turns towards the Energy Information Administration (EIA) weekly US crude supplies report and the FOMC decision for fresh trading opportunities in the commodity. The US dollar remains well-bid across its main rivals ahead of the Fed decision.

WTI technical levels to consider

 

Jul 28, 2021

AUD/USD struggles for direction, stuck in a range around mid-0.7300s

The AUD/USD pair extended its sideways consolidative price action and remained confined in a narrow trading band, around mid-0.7300s heading into the
Read more Previous
Jul 28, 2021

Sweden Retail Sales (MoM) fell from previous 2.3% to -0.3% in June

Sweden Retail Sales (MoM) fell from previous 2.3% to -0.3% in June
Read more Next