Crude Oil snaps higher as hopes of rising demand continue to bolster barrel bids

Source Fxstreet
Jun 17, 2024 20:19
  • WTI climbs to $80 per barrel as energy markets hope for summer demand uptick.
  • Crude Oil markets shrug off disappointment Chinese demand figures.
  • OPEC production limits set to expire, could swamp out Crude supplies.

West Texas Intermediate (WTI) US Crude Oil shrugged off recent bearish pressures to climb back towards the $80.00 handle on Monday. Energy markets are shrugging off the planned end of voluntary production cuts from the Organization of the Petroleum Exporting Countries (OPEC) and a miss from updated Chinese demand figures. Barrel traders continue to hope for an expected uptick in summer Crude Oil demand to stop up a possible oversupply wave that could hit barrel stocks as production continues to outpace projections.

A planned phasing out of voluntary production cuts for OPEC ally member states, OPEC , is expected to begin later in the year as OPEC begins to crack under the financial pressure of trying to prop up global Crude Oil prices. Chinese production figures also missed the mark over the weekend, threatening future hopes of an uptick in industrial fuels production. Despite headwinds on multiple fronts, Crude Oil markets are grinding out higher ground to kick off the new trading week as investors expect an uptick in summer fuel demand with a hotter-than-average summer season expected.

Crude Oil technical outlook

WTI US Crude Oil climbed back over the 200-day Exponential Moving Average (EMA) at $78.81, tipping into the touch range of the $80.00 handle as it continues an extended recovery from the recent multi-month swing low at $72.45.

A short-side play could be on the cards if bullish exhaustion runs out of gas near $80.00, but bidders could find technical support as WTI cracks above a descending trendline drawn from 2024’s peak bids above $86.00.

WTI hourly chart

WTI daily chart

WTI US OIL

Overview
Today last price 79.79
Today Daily Change 1.72
Today Daily Change % 2.20
Today daily open 78.07
 
Trends
Daily SMA20 77.11
Daily SMA50 79.7
Daily SMA100 79.26
Daily SMA200 79.18
 
Levels
Previous Daily High 78.79
Previous Daily Low 77.43
Previous Weekly High 78.98
Previous Weekly Low 75.03
Previous Monthly High 81.25
Previous Monthly Low 76.04
Daily Fibonacci 38.2% 78.27
Daily Fibonacci 61.8% 77.95
Daily Pivot Point S1 77.4
Daily Pivot Point S2 76.73
Daily Pivot Point S3 76.03
Daily Pivot Point R1 78.77
Daily Pivot Point R2 79.47
Daily Pivot Point R3 80.14

 

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Dogecoin Whales Fill Up Bags As DOGE Price Dips 5%On-chain data shows the Dogecoin whales have gone on a buying spree while the memecoin’s price has declined in the last 24 hours.
Author  NewsBTC
On-chain data shows the Dogecoin whales have gone on a buying spree while the memecoin’s price has declined in the last 24 hours.
placeholder
Biden dropping re-election bid a question of when, not if- TD CowenInvesting.com-- President Joe Biden is likely to drop his bid for reelection, TD analysts said in a note, amid growing concerns over his health and whether he will be able to effectively run against R
Author  Investing.com
Investing.com-- President Joe Biden is likely to drop his bid for reelection, TD analysts said in a note, amid growing concerns over his health and whether he will be able to effectively run against R
placeholder
Bitcoin Weekly Forecast: Will BTC continue its bullish momentum?Billionaire investor Mark Cuban took to Twitter on Wednesday to discuss Silicon Valley's increasing support for former President Trump, describing it as a strategic "bitcoin play."
Author  FXStreet
Billionaire investor Mark Cuban took to Twitter on Wednesday to discuss Silicon Valley's increasing support for former President Trump, describing it as a strategic "bitcoin play."
placeholder
Asian stocks fall as US-China jitters persist; TSMC sparks little cheerInvesting.com-- Most Asian stocks fell on Friday amid persistent concerns over a renewed trade war between the U.S. and China, while positive earnings from TSMC did little to stop a rout in technology stocks.
Author  Investing.com
Investing.com-- Most Asian stocks fell on Friday amid persistent concerns over a renewed trade war between the U.S. and China, while positive earnings from TSMC did little to stop a rout in technology stocks.
placeholder
Oil prices dip on China demand concerns, set for weekly lossInvesting.com-- Oil prices fell in Asian trade on Friday, and were headed for a weekly loss amid persistent concerns over slowing demand in top importer China, while sentiment was also dented by conce
Author  Investing.com
Investing.com-- Oil prices fell in Asian trade on Friday, and were headed for a weekly loss amid persistent concerns over slowing demand in top importer China, while sentiment was also dented by conce
goTop
quote