Market news
07.05.2024, 05:47

WTI trades around $78.50 with a positive sentiment after Israel's strike on Rafah city

  • WTI price could appreciate due to fear over supply risk amid escalated tension in the Middle East.
  • Israel conducted a strike on Rafah in Gaza during prevailing negotiations for a ceasefire.
  • Amos Hochstein, the energy adviser to President Biden, affirmed that the US has a substantial supply of Oil in the SPR.

West Texas Intermediate (WTI) crude Oil price hovers around $78.50 per barrel during the Asian trading hours on Tuesday. The Oil prices experienced a slight increase following Israel's strike on Rafah in Gaza. Meanwhile negotiations for a ceasefire continued without resolving. According to Reuters, Israeli forces targeted Rafah on Gaza's southern edge through air and ground attacks, which has provided refuge for over 1 million displaced Palestinians.

On Monday, Hamas accepted a ceasefire proposal from mediators, but Israel rejected the terms, stating they did not meet its demands. The prevailing conflict in the Middle East has contributed to concerns about potential disruptions in crude Oil supplies from the region, thereby supporting Oil prices.

Based on analyst forecasts, a Reuters poll conducted on Monday indicated that crude Oil and product stockpiles in the United States (US) were anticipated to have declined last week. The average expectation was for crude inventories to have decreased by approximately 1.2 million barrels in the week ending May 3.

Amos Hochstein, US President Joe Biden's energy adviser, said on Monday that the US possesses an ample supply of Oil in the Strategic Petroleum Reserve (SPR) to tackle any supply-related worries and is carefully monitoring market conditions to determine its utilization.

Even after President Biden's directive for the largest-ever sale of 180 million barrels from the SPR following Russia's 2022 invasion of Ukraine, the SPR remains close to 40-year lows. The Biden administration has halted the repurchase of Oil for the reserve recently, as crude Oil has been trading above the targeted price of $79.00 per barrel.

WTI US OIL

Overview
Today last price 78.39
Today Daily Change -0.07
Today Daily Change % -0.09
Today daily open 78.46
 
Trends
Daily SMA20 82.46
Daily SMA50 81.48
Daily SMA100 77.99
Daily SMA200 79.81
 
Levels
Previous Daily High 78.83
Previous Daily Low 77.7
Previous Weekly High 83.63
Previous Weekly Low 77.76
Previous Monthly High 87.12
Previous Monthly Low 80.62
Daily Fibonacci 38.2% 78.4
Daily Fibonacci 61.8% 78.13
Daily Pivot Point S1 77.83
Daily Pivot Point S2 77.2
Daily Pivot Point S3 76.69
Daily Pivot Point R1 78.96
Daily Pivot Point R2 79.46
Daily Pivot Point R3 80.09

 

 

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