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WTI find support near $85, geopolitical tensions keep Oil demand intact

Source Fxstreet

The Oil price consolidates near $85.00 ahead of the US Inflation data for March.
US inflation data will provide cues about when the Fed could start reducing interest rates.
Iran’s direct involvement in the war in Gaza and more Ukraine attacks on Russian oil refineries could tighten the oil supply further.

West Texas Intermediate (WTI), futures on NYMEX, remain supported near $85.00 ahead of the United States Consumer Price Index (CPI) data, which will be published at 12:30 GMT. The inflation data for march will influence market expectations for the Federal Reserve (Fed) pivoting to rate cuts in the June meeting.

The inflation data is expected to remain stubborn due to higher oil prices, rentals, and insurance costs and portfolio management fees.

The Oil price corrects after printing a fresh five-month high at $87.50. However, escalating tensions in the Middle East region keep the Oil demand intact. Israel’s proposal of ceasefire doesn’t meet various Hamas demands, but the latter has commented that it would study further and revert to mediators. Hamas wants Israel to withdraw its forces and allow Palestinians to return home, who were displaced due to war in Gaza.

Fears of Iran’s direct intervention in the Israel-Palestine war deepen as the Israeli army has announced that they are ready to invade Rafah, the last resort for Palestinians who have been displaced.

Iran’s entry from the front to war at Gaza will significantly disrupt the oil supply chain. Iran is the third largest oil producer of the OPEC, and its direct involvement in war will tighten the Oil market significantly, which will have a positive impact on the Oil price.

In the eastern region of Europe, Ukraine’s drone attacks on Russia’s oil infrastructure have also kept fears of oil supply shocks unabated.

WTI US OIL

Overview
Today last price	84.96
Today Daily Change	0.18
Today Daily Change %	0.21
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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