WTI Crude Oil Trading

1. Cfd -》 otc ( interbanking (decentralised)) price mosly derived from future
2. Future -》 exchange (centralised)

Both product have their PROs and CONs. If you are into volume and tickdata then futures might interrest you allthough it will need a lot of starting capital compared to CFDs even with mini futures. I hope CME will create micro wti futures then i will switch to them in a heartbeat.

1. Political catalysts join demand-supply factors to question WTI moves.
2. $62.50 and $64.70 seems nearby trading range to follow.

WTI is trading near $62.80 during early Asian sessions on Monday. Speculations of a supply increase from OPEC+ alliance to counter the US sanctions on Iran and Venezuela confines the black gold’s downside whereas Iran’s likely retaliation, geopolitical problems at Libya and recent data from Baker Hughes favor the bulls.

During last week, the US crude stock numbers flashed higher than expected increase and triggered the energy benchmark’s pullback from 2019 highs.
Adding to the weakness were comments from the US President Donald Trump that he had talked with Saudi Arabia and the energy giants are positive to his demand for oil supply increase. Though, the OPEC leader afterward denied any such talks.
Weekly data from Baker Hughes suggested that the US rig counts drilling for oil shed 20 marks, the biggest in three months, to 805 for the week ended on April 26.

While the US took measures to cut Iran’s oil exports to zero, the OPEC member retaliated with threats which the US Central Command chief General Kenneth McKenzie took seriously.

Elsewhere, Libya is still struggling with internal hostilities together with a power outage at Venezuela. Both these factors cut global oil supplies.
Oil traders will emphasize on this week’s stock details and news concerning the US, Iran, Libya and Venezuela for fresh impulse.

Technical Analysis
In addition to $62.50 and $61.70, 200-day simple moving average (SMA) around $61.00 could also question oil’s recent pullback.
On the flipside, $64.70, $65.60 and recent highs near 66.60 can lure buyers during the quote’s U-turn.

1. WTI moves higher and retakes the $63.00 handle, drops afterwards.
2. Support emerged near $62.00 following Friday’s sell off.
3. US oil rig count dropped by 20 last week.

After Friday’s sharp sell off, prices of the barrel of WTI have started the week on a better footing, managing to reclaim the $63.00 area and above although running out of steam afterwards.

WTI looks to risk trends, data, trade
Prices of the barrel of the West Texas Intermediate are alternating gains with losses today after three consecutive daily pullbacks, particularly after being rejected from YTD tops beyond the $66.00 mark recorded last week.
Friday’s sharp down move came once again after President Trump criticised the high level of crude oil prices, ‘suggesting’ at the same time the OPEC to pump further oil to counteract the imminent termination of the US waiver programme for Iranian exports.
Today's better mood in the riskier assets appears to be lending some support to crude oil prices amidst the generalized lack of direction in the greenback and some cautiousness ahead of the upcoming US-China trade talks in Beijing.
In addition, the recovery in prices found extra oxygen after driller Baker Hughes reported oil rig count went down by 20 rigs during last week, taking active rigs to 805.

What to look for around WTI
WTI climbed to fresh 6-month highs beyond the $66.00 mark per barrel last week, although the up move lacked of sustainability. In the meantime, US sanctions against Iranian crude oil exports and the response from OPEC members to the probable supply disruptions are posed to drive the sentiment in the near term along with rising geopolitical effervescence in Libya and developments from the US-China trade talks in Beijing later this week. Looking at the broader scenario, the so-called ‘Saudi put’, tighter conditions in the US oil market, the current OPEC+ deal to curb oil output, favourable speculative positioning and increasing turmoil in Venezuela keep propping up the underlying bullish view on crude oil.

WTI significant levels
At the moment the barrel of WTI is gaining 0.03% at $62.76 and faces the next support at $62.16 (low Apr.26) seconded by $61.64 (low Apr.5) and then $60.87 (200-day SMA). On the other hand, a surpass of $66.46 (2019 high Apr.23) would expose $68.06 (low Oct.29 2018) and finally $69.60 (78.6% Fibo of the October-December drop).