US Oil WTI Surges Over China’s GDP – Good Time to Short?
Arslan Butt • 1 min read
The US West Texas Intermediate WTI crude soared over 100 pips to trade at $64.38 per barrel. Well, the major buying came from the optimistic economic figures from China.
As per official data, China’s economy expanded by 6.4 % in Q1 2019, opposing forecast for a further slowdown. Being a top consumer, Chinese economic events do impact crude oil prices heavily.
Besides that the tanker data and industry sources reported that Iran’s crude exports have declined in April to their lowest this year, implying a drawdown in buyer interest ahead of anticipated further influence from Washington.
Right now, crude oil prices are trading around $64.45 with an immediate resistance at $64.75. Looks like the recent doji candle can trigger a bearish retracement until $64 and $63.65. Meanwhile we are targeting $64 to make sure we conclude the session with green pips.