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    WTI flirts with weekly trough, remains depressed below mid-$80.00s

    FXStreet
    Updated Mar 22, 2024 05:19
    Mitrade

    ■  WTI drifts lower for the third straight day amid hopes for a ceasefire in Gaza.

    ■  Expectations for tightening global supply should help limit any further losses.

    ■  The fundamental backdrop warrants caution for aggressive bearish traders.


    West Texas Intermediate (WTI) US Crude Oil prices remain under some selling pressure for the third successive day on Friday and trades near the weekly low, around the $80.30 region during the Asian session.


    US Secretary of State Antony Blinken said that gaps are narrowing in the ongoing talks aimed at reaching a ceasefire in Gaza and the release of hostages, easing concerns about supply disruptions in the Middle East. This, along with some follow-through US Dollar (USD) buying, bolstered by the optimistic US economic outlook, turn out to be key factors exerting downward pressure on USD-denominated commodities, including Crude Oil prices. The downside, however, seems cushioned in the wake of worries about tightening global supply.


    Ukrainian drone strikes on Russian oil refineries could lead to lower fuel production by the latter. This comes on top of the OPEC+ members' decision to extend the production cuts of 2.2 million barrels per day through the second quarter and the International Energy Agency's upward revision of the 2024 oil demand growth. Furthermore, a stronger US economy and a potential recovery in China add to expectations of tighter supplies. This could act as a tailwind for Crude Oil prices and warrants some caution for bearish traders.


    WTI US OIL


    Overview
    Today last price 80.37
    Today Daily Change -0.36
    Today Daily Change % -0.45
    Today daily open 80.73
     
    Trends
    Daily SMA20 79.05
    Daily SMA50 76.93
    Daily SMA100 75.54
    Daily SMA200 78.37
     
    Levels
    Previous Daily High 81.81
    Previous Daily Low 80.24
    Previous Weekly High 81.05
    Previous Weekly Low 76.5
    Previous Monthly High 79.27
    Previous Monthly Low 71.46
    Daily Fibonacci 38.2% 80.84
    Daily Fibonacci 61.8% 81.21
    Daily Pivot Point S1 80.05
    Daily Pivot Point S2 79.36
    Daily Pivot Point S3 78.47
    Daily Pivot Point R1 81.62
    Daily Pivot Point R2 82.5
    Daily Pivot Point R3 83.19

    * The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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