Forex Marketz Daily Forex News – Fully Markets Update
Looking at the benchmark U.S. West Texas Intermediate (WTI) crude oil futures contract, oil remains supported above the two hundred (200) hour simple moving average as price consolidate below $65 per barrel around $64.60 to $64.10 per barrel.
The American WTI crude oil futures contract closed in the red during the North American trade session, having lost half a percent. Traders should note that because of the time change, futures trading in North America closed at 9 pm GMT and will reopen at 10 om GMT, one hour later.
There is not a lot, fundamentally, driving crude oil prices on Tuesday. At least not on the supply side. On the demand side, U.S. WTI traders are watching the drama around coronavirus vaccines in Europe unfold. There are worries about safety around the AstraZeneca Covid-19 vaccine. There are reports that AstraZeneca’s vaccine produces life-threatening blood clots. This has put some pressure on oil prices.
The distribution of the AstraZeneca coronavirus vaccine has been stopping throughout the euro area. This past weekend, Irish and Dutch health authorities halted the use of this Covid-19 vaccine. Norwegian and Danish authorities stopped vaccinations with AstraZeneca days previous. Now Spain, Italy and France a ceasing using AstraZeneca’s vaccine.
Germany has as well. The German health agency is reporting a number of thrombotic events from AstraZeneca’s vaccine. Both the United Kingdom and AstraZeneca maintain that this coronavirus vaccine is safe to use.
Daily U.S. WTI Crude Oil Technical Analysis
Looking at price action, on the above one hour MT 4 price action chart, the U.S. crude oil futures contract still looks constructive. The technical indicators are trending lower and are neutral as traders wait on the next catalyst.
On the upside, there is technical resistance lining up at $66.10 per barrel. The next upside barrier lines up at $66.58 per barrel with $66.90 then coming up next.
Immediate downside support lines up at $65.30 per barrel. The next downside barrier lines up at $64.95 per barrel with $64.50 then coming into focus.
