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WTI drifts lower to $84.70, eyes on Gaza ceasefire talks, US CPI data

Source Fxstreet

WTI extends its downside near $84.60 on Wednesday.
The bigger-than-expected build in US crude inventories weighs on the black gold.
The uncertainty over Gaza ceasefire talks and ongoing Middle East geopolitical tensions might cap the downside of WTI.

Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $84.60 on Wednesday. The black gold trades in negative territory for the fourth consecutive day amid the US crude stock build and profit-taking ahead of the release of the US March Consumer Price Index (CPI) report and the FOMC Minutes, due later on Wednesday.

The recent US employment report last week has triggered speculation that the Federal Reserve (Fed) might delay interest rate cuts this year. Investors will closely watch the US CPI inflation data for March, as it could offer some insights about the inflation trajectory and the path of the Fed’s monetary policy. The firmer-than-expected outcome might lift the US Dollar (USD) and weigh on the USD-denominated WTI price.

Furthermore, the bigger-than-expected build in US crude inventories exerts some selling pressure on WTI prices. US crude oil inventories for the week ending April 5 increased by 3.034 million barrels from the previous week's decline of 2.286M million barrels. The market consensus estimated that stocks would rise by about 2.415 million barrels, according to the American Petroleum Institute (API) on Tuesday.

The leader of Iran's Revolutionary Guard navy said that the Strait of Hormuz might be closed if necessary. About a fifth of the volume of the world's total oil consumption passes through the strait every day. This, in turn, might trigger the fear of oil supply disruption and cap the downside of WTI prices.

On Tuesday, Hamas stated that an Israeli proposal for a ceasefire in their war in Gaza did not match the conditions of Palestinian militant groups, but that it would consider the offer further. Oil traders will monitor the developments surrounding the geopolitical tensions in the Middle East. The ongoing tensions could raise concerns about a tight market.

WTI US OIL

Overview
Today last price	84.67
Today Daily Change	-0.11
Today Daily Change %	-0.13
Today daily open	84.78

Trends
Daily SMA20	82.49
Daily SMA50	79.14
Daily SMA100	76.32
Daily SMA200	79.18

Levels
Previous Daily High	86.32
Previous Daily Low	84.51
Previous Weekly High	87.12
Previous Weekly Low	82.26
Previous Monthly High	83.05
Previous Monthly Low	76.5
Daily Fibonacci 38.2%	85.2
Daily Fibonacci 61.8%	85.63
Daily Pivot Point S1	84.08
Daily Pivot Point S2	83.39
Daily Pivot Point S3	82.27
Daily Pivot Point R1	85.9
Daily Pivot Point R2	87.01
Daily Pivot Point R3	87.71

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

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