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.
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 |
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