Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Commodities

Crude Oil eases back on Wednesday, WTI falls back below $79 per barrel

Source Fxstreet

Crude Oil markets decline as investment sentiment recedes.
Midweek market flows shed weight as Treasuries squeeze out risk appetite.
WTI stumbles after hitting three-week highs.

West Texas Intermediate (WTI) US Crude Oil fell back on Wednesday, trimming recent gains and snapping a three-day bullish streak and falling back below $80.00 per barrel. Broad-market risk appetite is evaporating in the mid-week as investors balk at declining demand for US Treasuries and energy markets grow concerned ahead of US Crude Oil production counts.

Demand for US Treasuries declined this week, with bid-to-cover ratios on key bond auctions declining. Jittery investors are growing concerned about demand for US Treasuries, and pulling away from risk assets in search of safer pastures. The bid-to-cover on Wednesday’s 7-year Trasury note auction declined to 2.43 versus the previous 2.48.

The Organization of the Petroleum Exporting Countries (OPEC) and its extended network of non-member allies, OPEC , are due to begin an online-only meeting this Sunday on June 2, and energy markets are broadly anticipating that OPEC will maintain voluntary production caps of a total 2.2 million bpd as the oil cartel grapples with supporting global Cruide Oil prices by crimping supply.

US Crude Oil production, meanwhile, continues to threaten to swamp out demand, and barrel traders are looking ahead to US Crude Oil barrel counts due this week.

Economic Indicator

EIA Crude Oil Stocks Change

The EIA Crude Oil stockpiles report is a weekly measure of the change in the number of barrels in stock of crude oil and its derivates, and it's released by the Energy Information Administration. This report tends to generate large price volatility, as oil prices impact on worldwide economies, affecting the most, commodity related currencies such as the Canadian dollar. Despite it has a limited impact among currencies, this report tends to affect the price of oil itself, and, therefore, had a more notorious impact on WTI crude futures.

WTI technical outlook

WTI US Crude Oil fell back under $80.00 per barrel on Wednesday, and crossing below the 200-day Exponential Moving Average (EMA) at $79.16. Crude Oil ius poised to end i nthe red for the first time in four straight trading days, and WTI remains down over 9% from the year’s peak bids just above $87.00.

WTI daily chart

WTI US OIL

Overview
Today last price	78.91
Today Daily Change	-1.18
Today Daily Change %	-1.47
Today daily open	80.09

Trends
Daily SMA20	78.46
Daily SMA50	81.38
Daily SMA100	78.87
Daily SMA200	79.57

Levels
Previous Daily High	80.12
Previous Daily Low	78.35
Previous Weekly High	80.06
Previous Weekly Low	76.04
Previous Monthly High	87.12
Previous Monthly Low	80.62
Daily Fibonacci 38.2%	79.44
Daily Fibonacci 61.8%	79.02
Daily Pivot Point S1	78.92
Daily Pivot Point S2	77.75
Daily Pivot Point S3	77.15
Daily Pivot Point R1	80.69
Daily Pivot Point R2	81.29
Daily Pivot Point R3	82.46

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

Recommended Articles

Gold Price Forecast: Gold Plunges to Seven-Week Low, Can $4,100 Hold? Spot gold (XAUUSD) plunged 4% on Monday to close at $4,114.93 per ounce, hitting an intraday low of $4,110.80, its lowest level since August 5. Heading into Tuesday's Asian trading sessio

Author TradingKey

9 hours ago

Spot gold (XAUUSD) plunged 4% on Monday to close at $4,114.93 per ounce, hitting an intraday low of $4,110.80, its lowest level since August 5. Heading into Tuesday's Asian trading sessio

The 30-year Treasury just hit a 22-year high — and the bond market is not pricing the Fed, it is pricing the deficit The 30-year Treasury yield closed at 5.56% on 28 September, the highest since June 2004, while the 10-year reached 5.24% and the 20-year 5.60%. The curve has steepened roughly 30bp in eight sessions even as October hike odds sit at 70.3%. That gap is the story: the long end is repricing fiscal and inflation risk, not policy. With PCE on Wednesday and payrolls on Friday, here is what the long end is really saying.

Author Irene Q.

11 hours ago

The 30-year Treasury yield closed at 5.56% on 28 September, the highest since June 2004, while the 10-year reached 5.24% and the 20-year 5.60%. The curve has steepened roughly 30bp in eight sessions even as October hike odds sit at 70.3%. That gap is the story: the long end is repricing fiscal and inflation risk, not policy. With PCE on Wednesday and payrolls on Friday, here is what the long end is really saying.

Nvidia's $150 billion buyback landed — and the AI sector fell anyway. That's the signal worth trading Nvidia closed up 1.68% at $228.86 on 28 September after announcing a $150 billion share repurchase authorisation, the largest single corporate buyback on record, while the rest of the AI complex sold off: AMD -3.6%, Micron -2.6%, Meta -4.8% and the Philadelphia Semiconductor Index -1.61%. The divergence is not noise. Capital is rotating toward cash-flow certainty, not abandoning the AI theme. With Micron reporting after the close on 30 September, here is what the split means.

Author Irene Q.

12 hours ago

Nvidia closed up 1.68% at $228.86 on 28 September after announcing a $150 billion share repurchase authorisation, the largest single corporate buyback on record, while the rest of the AI complex sold off: AMD -3.6%, Micron -2.6%, Meta -4.8% and the Philadelphia Semiconductor Index -1.61%. The divergence is not noise. Capital is rotating toward cash-flow certainty, not abandoning the AI theme. With Micron reporting after the close on 30 September, here is what the split means.

RBA set to hike interest rate to 4.60% in September as inflation remains elevated The Reserve Bank of Australia (RBA) is widely expected to raise the Official Cash Rate (OCR) by 25 basis points (bps) to 4.60% from 4.35% on Tuesday, after keeping rates unchanged at its previous two meetings

Author FXStreet

17 hours ago

The Reserve Bank of Australia (RBA) is widely expected to raise the Official Cash Rate (OCR) by 25 basis points (bps) to 4.60% from 4.35% on Tuesday, after keeping rates unchanged at its previous two meetings

Silver Price Forecast: XAG/USD falls like house of cards on Fed’s hawkish narrative Silver price (XAG/USD) is down 4.3% to near $61.50 during the European trading session on Monday. The white metal nosedives as elevated United States (US) Treasury Yields have diminished its appeal.

Author FXStreet

Yesterday 09: 04

Silver price (XAG/USD) is down 4.3% to near $61.50 during the European trading session on Monday. The white metal nosedives as elevated United States (US) Treasury Yields have diminished its appeal.

Related Instrument