Market news
09.04.2024, 00:56

WTI gains momentum above $86.00 amid ongoing Middle East geopolitical tensions, weaker US Dollar

  • WTI prices gain momentum near $86.00 on Tuesday. 
  • The ongoing Middle East tensions, a key region for oil production, might boost WTI prices. 
  • The expectation that the Fed might delay interest rate cuts this year drags black gold lower. 

Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $86.25 on Tuesday. The weaker US Dollar (USD) and the ongoing geopolitical tensions in the Middle East conflict raise concern about the crude supply disruption, boosting WTI prices near the six-month top.

On the weekend, Israel withdrew its forces from Khan Younis in southern Gaza, resulting in one of the lowest military levels since the conflict with Hamas started in October. WTI prices trimmed gains following this headline. However, the uncertainty surrounding Iran's reaction after the attack on its consulate in Syria last week might cap the downside of the black gold. A top Iranian military advisor warned Israel over the weekend that its embassies could be targeted, fueling concern that the Middle East conflict could broaden. Additionally, the strikes on Russian refineries have also raised the geopolitical risk premium.

The International Energy Agency's (IEA) prediction for 2024 oil demand has risen as traders shift from bearishness to optimism, bolstered by recent improved manufacturing surveys in China, the United States, and India.

On the other hand, the US labor market report on Friday came in better than the market estimation, indicating the US economy ended the first quarter on solid ground. This report could prompt the Federal Reserve (Fed) to delay interest rate cuts this year, which might drag WTI prices lower. It’s worth noting that high interest rates have caused oil prices to fall in the past, as it can slow economic growth and reduce oil demand. 

Oil traders will monitor the API Weekly Crude Oil Stock on Tuesday. Later this week, the US and Chinese March Consumer Price Index (CPI) reports will be due on Wednesday and Thursday, respectively. These events could offer some hints about the economic health of the world's top two oil consumers.

WTI US OIL

Overview
Today last price 86.23
Today Daily Change 0.28
Today Daily Change % 0.33
Today daily open 85.95
 
Trends
Daily SMA20 82.14
Daily SMA50 78.98
Daily SMA100 76.25
Daily SMA200 79.11
 
Levels
Previous Daily High 86.49
Previous Daily Low 84.15
Previous Weekly High 87.12
Previous Weekly Low 82.26
Previous Monthly High 83.05
Previous Monthly Low 76.5
Daily Fibonacci 38.2% 85.04
Daily Fibonacci 61.8% 85.6
Daily Pivot Point S1 84.57
Daily Pivot Point S2 83.19
Daily Pivot Point S3 82.23
Daily Pivot Point R1 86.91
Daily Pivot Point R2 87.87
Daily Pivot Point R3 89.25

 

 

© 2000-2024. All rights reserved.

This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.

Bank
transfers
Feedback
Live Chat E-mail
Up
Choose your language / location