WTI trims gains amid market caution after Iran’s attack on Israel, remains above $85.00

Source Fxstreet
Apr 16, 2024 05:05
  • WTI price received upward support as investors expect Israel to respond to Iran’s assault.
  • Israeli Prime Minister Benjamin Netanyahu has called upon his war cabinet to formulate a response to Iran's direct attack on Israel.
  • The crude Oil prices hold ground in the face of mixed Chinese data.

West Texas Intermediate (WTI) Oil price edges higher to near $85.30 per barrel during the Asian trading hours on Tuesday. The crude Oil prices receive upward support due to concerns about the escalating tensions between Israel and Iran, particularly in the wake of Iran's missile and drone attacks on Saturday.

Furthermore, Israeli Prime Minister Benjamin Netanyahu convened his war cabinet for the second time in less than 24 hours on Monday to assess how to respond to Iran's direct attack on Israel, according to Reuters. Additionally, Israel's military chief stated that his country would retaliate against the assault, with reports suggesting that they are targeting strategic sites in Iran.

Iran, as a significant member of the Organization of the Petroleum Exporting Countries (OPEC), produces over 3 million barrels of crude Oil per day. Any escalation of tensions between Israel and Iran could potentially trigger a broader conflict in the Middle East.

On the demand side, crude Oil prices appear to be holding steady in the face of mixed data released by the world's largest oil importer on Tuesday. China's Gross Domestic Product (GDP) for the first quarter of 2024 expanded by 1.6% quarter-on-quarter, surpassing the previous quarter's growth of 1.0%. Year-on-year GDP growth came at 5.3%, exceeding expectations of 5.0% and surpassing the 5.2% figure from the previous period. However, China's Industrial Production (YoY) in March increased by 4.5%, falling short of market expectations of 5.4% and the previous reading of 7.0%.

Meanwhile, according to an African industry official speaking to Reuters, the Organization of the Petroleum Exporting Countries and Russia (OPEC+) considers Namibia for potential membership, given its projected status as Africa's fourth-largest Oil producer by the next decade. The primary aim initially would be for Namibia to become a part of OPEC+'s Charter of Cooperation, a coalition focused on conducting ongoing discussions about energy market dynamics.

WTI US OIL

Overview
Today last price 85.32
Today Daily Change 0.17
Today Daily Change % 0.20
Today daily open 85.15
 
Trends
Daily SMA20 83.63
Daily SMA50 79.97
Daily SMA100 76.66
Daily SMA200 79.44
 
Levels
Previous Daily High 85.31
Previous Daily Low 83.54
Previous Weekly High 87.03
Previous Weekly Low 84.01
Previous Monthly High 83.05
Previous Monthly Low 76.5
Daily Fibonacci 38.2% 84.63
Daily Fibonacci 61.8% 84.22
Daily Pivot Point S1 84.02
Daily Pivot Point S2 82.9
Daily Pivot Point S3 82.25
Daily Pivot Point R1 85.79
Daily Pivot Point R2 86.43
Daily Pivot Point R3 87.56

 

 

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