WTI stands tall near multi-month peak, just above $85.00/barrel mark

Source Fxstreet
Apr 4, 2024 02:41
  • WTI is seen consolidating its recent strong move to over a five-month peak.
  • Worries about supply disruptions and tight global supply lend some support.
  • Signs of improving demand should further contribute to limiting the downside.

West Texas Intermediate (WTI) US Crude Oil prices enter a bullish consolidation phase during the Asian session on Thursday and oscillate in a narrow trading band near the highest level since October 2023 touched the previous day. The commodity is currently placed just above the $85.00 mark, nearly unchanged for the day, and is influenced by a combination of diverging forces.

The official report published by the Energy Information Administration (EIA) on Wednesday showed an unexpected build in the US Crude stockpiles, which, in turn, is seen as a key factor acting as a headwind for the black liquid. The downside for Crude Oil prices, however, remains cushioned in the wake of concerns about supply disruptions in the Middle East, tight global supply, and signs of improving demand.

Against the backdrop of Ukrainian attacks on Russian refineries, which have cut fuel supply, the risk that the Israel-Hamas war may spread to include Iran and disrupt supplies in the key Middle East region acts as a tailwind for Crude Oil prices. Adding to this, a meeting of top OPEC+ ministers on Wednesday kept oil supply policy unchanged and pressed some countries to increase compliance with output cuts.

Meanwhile, Federal Reserve Chair Jerome Powell sounded cautious about future interest rate cuts in the wake of a still-resilient US economy. Adding to this, the upbeat Chinese manufacturing data released earlier this week fueled optimism about rising Oil demand from the world's largest crude importer. This could further lend support to Crude Oil prices and contribute to limiting any meaningful corrective slide.

WTI US OIL

Overview
Today last price 85.12
Today Daily Change -0.07
Today Daily Change % -0.08
Today daily open 85.19
 
Trends
Daily SMA20 80.95
Daily SMA50 78.43
Daily SMA100 75.92
Daily SMA200 78.86
 
Levels
Previous Daily High 85.69
Previous Daily Low 84.38
Previous Weekly High 82.9
Previous Weekly Low 80.35
Previous Monthly High 83.05
Previous Monthly Low 76.5
Daily Fibonacci 38.2% 85.19
Daily Fibonacci 61.8% 84.88
Daily Pivot Point S1 84.48
Daily Pivot Point S2 83.78
Daily Pivot Point S3 83.18
Daily Pivot Point R1 85.79
Daily Pivot Point R2 86.39
Daily Pivot Point R3 87.1

 

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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