Crude Oil attempts to shrug off supplies buildup, WTI claws back to $74

Source Fxstreet
Jun 5, 2024 19:06
  • Crude Oil markets are struggling to recover from sharp declines.
  • US Crude Oil supplies delivered another buildup in measured stocks.
  • OPEC set to ease production caps in the coming months.

West Texas Intermediate (WTI) US Crude Oil is grinding higher on Wednesday as energy markets attempt to shrug off another buildup in US Crude Oil stocks. The Organization of the Petroleum Exporting Countries (OPEC) and its extended group of non-member ally states, OPEC , cautioned this week that the global oil cartel is set to phasing out voluntary production cuts as Crude Oil producers grow frustrated at OPEC’s inability to engineer broad-market support for barrel prices. 

As oil-heavy nations prepare to pivot away from OPEC production limits in favor of balancing their government budgets, Crude Oil markets are balking at the prospect of even further risks of oversupply as global demand fails to materialize in-line with energy market expectations.

US Crude Oil stocks rose on a weekly basis once again after the American Petroleum Institute (API) reported a 4.052 million barrel buildup in Weekly Crude Oil Stocks, shrugging off a forecast -1.9 million barrel decline and chewing a significant hole in the previous week’s -6.49 million decline. The Energy Information Administration (EIA) reported similar results, with EIA Crude Oil Stocks Change for the week ended May 31 rising 1.233 million when investors were forecasting a -2.3 million barrel decline. Week-on-week EIA barrel counts previously showed a drawdown of -4.156 million barrels.

Crude Oil technical outlook

WTI barrel bids clawed back to $74.00 per barrel on Wednesday, but topside momentum remains thin and US Crude Oil is steeply off near-term highs. Daily candlesticks closed in the red for the last five consecutive trading days, and meagre grains represent the best Crude Oil bidders can do.

WTI remains trapped under near-term technical resistance at the 200-hour Exponential Moving Average (EMA) at $76.10. US Crude Oil tested into its lowest bids since February, and the upside is looking thin.

WTI hourly chart

WTI daily chart

WTI US OIL

Overview
Today last price 74.01
Today Daily Change 1.19
Today Daily Change % 1.63
Today daily open 72.82
 
Trends
Daily SMA20 77.89
Daily SMA50 80.85
Daily SMA100 79.06
Daily SMA200 79.49
 
Levels
Previous Daily High 74.03
Previous Daily Low 72.46
Previous Weekly High 80.41
Previous Weekly Low 76.52
Previous Monthly High 81.25
Previous Monthly Low 76.04
Daily Fibonacci 38.2% 73.06
Daily Fibonacci 61.8% 73.43
Daily Pivot Point S1 72.17
Daily Pivot Point S2 71.52
Daily Pivot Point S3 70.59
Daily Pivot Point R1 73.75
Daily Pivot Point R2 74.68
Daily Pivot Point R3 75.33

 

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Copper Long-term forecast: Will Copper Price Expected To Soar In 2023?The price of copper is affected by various of factors. You may wonder how the price of cooper will be in 2023, check out our forecast analysis.
Author  Mitrade
The price of copper is affected by various of factors. You may wonder how the price of cooper will be in 2023, check out our forecast analysis.
placeholder
Bitcoin CME gaps at $35,000, $27,000 and $21,000, which one gets filled first?Prioritize filling the $27,000 gap and even try higher.
Author  FXStreet
Prioritize filling the $27,000 gap and even try higher.
placeholder
Natural Gas sinks to pivotal level as China’s demand slumpsNatural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
Author  FXStreet
Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
placeholder
Bitcoin Hasn’t Reached Bull Cycle Top Yet, Quant Explains WhyAccording to the trend in an on-chain indicator, an analyst has explained how Bitcoin may still need to reach the top of the current bull cycle.
Author  NewsBTC
According to the trend in an on-chain indicator, an analyst has explained how Bitcoin may still need to reach the top of the current bull cycle.
placeholder
Spot Ethereum ETFs To Launch In 8 Days, Bloomberg Expert ConfirmsAfter months of anticipation, the launch of spot Ethereum ETFs in the United States appears to be imminent as the US Securities and Exchange Commission (SEC) has reportedly requested that Ethereum ETF issuers submit their final S-1 filings, including fee structures, by Wednesday, July 17.  Ethereum ETFs Hopefuls Gear Up For July 23 Debut Bloomberg […]
Author  Bitcoinist
After months of anticipation, the launch of spot Ethereum ETFs in the United States appears to be imminent as the US Securities and Exchange Commission (SEC) has reportedly requested that Ethereum ETF issuers submit their final S-1 filings, including fee structures, by Wednesday, July 17.  Ethereum ETFs Hopefuls Gear Up For July 23 Debut Bloomberg […]
goTop
quote