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

    WTI consolidates around $78.00, remains on track to post second straight week of gains

    Source Fxstreet
    Mar 1, 2024 05:25
    • WTI edges higher on Friday, though the intraday uptick lacks bullish conviction.
    • Mixed demand-supply cues hold back traders from placing fresh directional bets.
    • Acceptance above the 200-day SMA supports prospects for further near-term gains.

    West Texas Intermediate (WTI) US Crude Oil prices attract some buying near a technically significant 200-day Simple Moving Average (SMA) during the Asian session on Friday and for now, seem to have snapped a two-day losing streak. The commodity currently trades just above the $78.00/barrel mark, though remains well below a one-month high touched on Wednesday.

    Easing inflation in the US should allow the Federal Reserve (Fed) to start cutting interest rates in June, which is anticipated to boost fuel demand in the world's largest Oil consumer. This, along with a modest US Dollar (USD) downtick, which tends to benefit the USD-denominated commodities, acts as a tailwind for the black liquid. Meanwhile, the expected continuation of the OPEC+ production cuts to the end of the second quarter of 2024 points to softer demand outlook. Apart from this, signs of higher supplies keep a lid on any further gains for Crude Oil prices.

    In fact, record-high US production and higher output from OPEC signalled that global oil markets may not be as tight as initially expected. Furthermore, a recession in Japan and the UK, along with the darkening economic outlook for the Eurozone economy, points a weak picture for Crude demand. This might hold back traders from placing aggressive bullish bets around Crude Oil prices and continue to cap the upside. Nevertheless, the commodity remains on track to register strong weekly gains, marking the third week of a positive move in the previous four.

    From a technical perspective, the recent breakout and acceptance above the very important 200-day SMA favours bullish traders. That said, the commodity's repeated failures to find acceptance above the $79.00/barrel mark warrant some caution before positioning for any further gains amid mixed oscillators on the daily chart.

     

    Disclaimer: For information purposes only. Past performance is not indicative of future results.
    placeholder
    Silver Price Forecast: XAG/USD treads water near $28.10 amid escalated geopolitical tensionSilver price exhibits a sideways trend with positive sentiment to extend its gains for the fourth successive session, hovering around $28.10 per troy ounce during the early European session on Wednesday.
    Source  Fxstreet
    Silver price exhibits a sideways trend with positive sentiment to extend its gains for the fourth successive session, hovering around $28.10 per troy ounce during the early European session on Wednesday.
    placeholder
    Gold price pauses rally amid heightened investor caution ahead of US Nonfarm PayrollsGold price’s (XAU/USD) rally pauses after refreshing all-time highs near $2,305 amid uncertainty ahead of the release of the United States Nonfarm Payrolls (NFP) data for March.
    Source  Fxstreet
    Gold price’s (XAU/USD) rally pauses after refreshing all-time highs near $2,305 amid uncertainty ahead of the release of the United States Nonfarm Payrolls (NFP) data for March.
    placeholder
    Gold price advances as Fed remains confident on easing inflationGold price (XAU/USD) jumps above a two-day high near $2,190 in Tuesday’s European session as the US Dollar corrects.
    Source  Fxstreet
    Gold price (XAU/USD) jumps above a two-day high near $2,190 in Tuesday’s European session as the US Dollar corrects.
    goTop
    quote