WTI loses traction below $82.50, concerns over Middle East fade

Source Fxstreet
Apr 25, 2024 01:30
  • WTI edges lower to $82.45 on Thursday as the fear of wider war in the Middle East eased. 
  • Higher bets that the US Fed will delay rate cuts support the Greenback. 
  • US commercial crude stockpiles last week fell by 6.368 million barrels, the largest drawdown since mid-January. 

Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $82.45 on Thursday. The black gold edges lower as the fear over wider conflict in the Middle East fades. Additionally, the hawkish tone from the Federal Reserve (Fed) boosts the US dollar (USD) and caps the upside of black gold. 

Perceived de-escalation between Iran and Israel, and the flow of oil from the Middle East, which has not been interrupted by conflict in the region, dragged the WTI prices lower in the last few sessions. However, any sign of rising tensions in the Middle East and stricter sanctions against Iran might cap the downside of the WTI price. 
 
Furthermore, the growing speculation that the US Federal Reserve (Fed will delay the interest rate provides some support to the Greenback and acts as a headwind for the black gold price. It’s worth noting that a strong dollar makes oil more expensive for holders of other currencies. Several US Fed officials noted that rate cuts aren’t coming in the coming months as inflation remains stickier than expected. 

On the other hand. The US commercial crude stockpiles for the week ending April 19 fell by 6.368 million barrels from the previous reading of 2.735 million barrels built. This reading registered the largest drawdown since mid-January, according to data from the Energy Information Administration. 

WTI US OIL

Overview
Today last price 82.43
Today Daily Change -0.21
Today Daily Change % -0.25
Today daily open 82.64
 
Trends
Daily SMA20 84.06
Daily SMA50 80.99
Daily SMA100 77.2
Daily SMA200 79.71
 
Levels
Previous Daily High 83.5
Previous Daily Low 82.26
Previous Weekly High 85.67
Previous Weekly Low 81.05
Previous Monthly High 83.05
Previous Monthly Low 76.5
Daily Fibonacci 38.2% 82.73
Daily Fibonacci 61.8% 83.03
Daily Pivot Point S1 82.1
Daily Pivot Point S2 81.56
Daily Pivot Point S3 80.87
Daily Pivot Point R1 83.34
Daily Pivot Point R2 84.04
Daily Pivot Point R3 84.57

 

 

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