WTI: Bulls re-attempt $ 51 ahead of API stocks data

• Upside capped as risk-off seeps back into markets amid German growth concerns.
• Focus remains on the API crude stockpiles data for fresh direction.

WTI (oil futures on NYMEX) is seen making minor recovery attempts from lows reached near 50.70 region, as the bulls look to reclaim the 51 handle ahead of the US API crude stockpiles data.

Earlier on the day, the black gold jumped 1% on China’s stimulus talks-led risk-on, reversing Monday’s 2% price drop. However, the bounce quickly fizzled as the appetite for the risk assets waned in Europe after the German GDP numbers showed that economic growth stalled.

More so, a broad-based US dollar rebound weighed down on the USD-denominated oil, dragging the barrel of WTI back below the 51 mark. Looking ahead, the bulls eagerly await a fresh trading impetus from the sentiment on the Wall Street and the US API weekly crude inventories data due at 2130 GMT.

WTI Technical Levels