Market news
01.05.2024, 02:09

WTI remains under selling pressure below $81.00 amid unexpected oil stockpile build

  • WTI trades in negative territory for the fourth consecutive day near $80.80 on Wednesday. 
  • The unexpected Crude oil stockpiles build in the US weigh on WTI prices. 
  • The rising Middle East tensions might raise the fear of oil supply disruption, lifting WTI. 

Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $80.80 on Wednesday. The black gold edges lower on rising crude inventories in the United States and easing geopolitical tensions in the Middle East. 

Crude oil inventories in the United States for the week ending April 26 rose by 4.906 million barrels from a 3.23 million barrel draw in the previous week. The market consensus estimated that stocks would decrease by 1.5 million barrels, according to the American Petroleum Institute (API) on Wednesday. 

Traders increase their bets that the Federal Reserve (Fed) might delay the interest rate cut and maintain the current benchmark rate for longer amid the robust economy and sticky inflation in the US. This might lead to a stronger US Dollar (USD) and exert some selling pressure on the USD-denominated oil. 

Furthermore, the hope that a ceasefire agreement between Israel and Hamas might be in reach, reduces the fear of a wider conflict in the Middle East. However, Israeli Prime Minister Benjamin Netanyahu downplayed expectations that a proposed hostage deal would prevent an attack on the southern Gaza city of Rafah, per CNBC. The escalating geopolitical tensions in the Middle East might raise concern about oil supply disruption in the region and boost the price of black gold. 

WTI US OIL

Overview
Today last price 80.86
Today Daily Change -0.36
Today Daily Change % -0.44
Today daily open 81.22
 
Trends
Daily SMA20 83.95
Daily SMA50 81.39
Daily SMA100 77.69
Daily SMA200 79.83
 
Levels
Previous Daily High 83.02
Previous Daily Low 80.69
Previous Weekly High 84.18
Previous Weekly Low 80.62
Previous Monthly High 87.12
Previous Monthly Low 80.62
Daily Fibonacci 38.2% 81.58
Daily Fibonacci 61.8% 82.13
Daily Pivot Point S1 80.27
Daily Pivot Point S2 79.32
Daily Pivot Point S3 77.94
Daily Pivot Point R1 82.6
Daily Pivot Point R2 83.97
Daily Pivot Point R3 84.92

 

 

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