WTI Crude Oil Supported Amid US Jobs Report
Today in the early Asian market, WTI crude oil prices increased slightly as traders focused on the geopolitical uncertainties over the result of the US and China trade warโs impact on the international economy. Moreover, the unexpected US jobs data gave some support last week.
The US Non-farm payrolls progressed by 224K jobs last month, which is the highest figure in five months. However, the unemployment data came out at 3.7%, missing the forecast of 3.6%. The better economic condition indicates growth in the economy and ultimately more demand for crude oil.
WTI crude oil was up 6 cents at $57.57 a barrel. Crude Oil markets posted weekly declines over concerns of reducing demand after data presented an unexpected drop in US crude inventories last week. Last Friday, a rate cut expectations by the US Federal Reserve this month depressed due to release of the unexpectedly strong US employment report.
Moreover, strong promises of OPEC supply cuts till March 2020 limited declines of oil prices. A survey of Reuters showing that OPEC oil inventories had fallen to a new five year low in June was also supportive.
Support Resistance
55.81 60.02
53.85 62.26
49.65 66.46
Key Trading Level: 58.05
WTI Crude Oil โ Trade Idea
Consider staying bullish over 57.32 with a stop loss below 57 to target 58.15.
Good luck!
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