Market news
08.05.2024, 01:13

WTI remains on the defensive around $78.00 amid signs of easing supply tightness, stronger US Dollar

  • WTI prices remained slightly on the defensive near $78.00 on Wednesday. 
  • The easing fear of oil supply disruption caps the upside of black gold for the time being. 
  • Saudi Arabia has increased oil prices to Asian customers, including China. 

Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $78.00 on Wednesday. The black gold edges lower due to a stronger US Dollar (USD) and signs of easing supply concerns. Oil traders will shift their focus to the EIA Crude Oil stockpiles report due later on Wednesday.

Ceasefire talks between Israel and Hamas are still uncertain. Israel's war cabinet voted to continue the military attack on Hamas, and Israeli troops launched strikes on Gaza's southernmost city. Even though Hamas agreed to a ceasefire proposal on Monday, Israel said the conditions did not meet its demands, as per the New York Times. Any signs of escalating geopolitical risks in the Middle East could lead to a sharp increase in oil prices, according to the EIA. On the one hand, the easing fear of an oil supply disruption might drag WTI prices lower. 

On Tuesday, the American Petroleum Institute (API) revealed that US crude inventories for the week ending May 3 rose by 509,000 barrels from a build of 4.9M barrels in the previous week. The market consensus estimated that stocks would decrease by 1.43M barrels. A rise in US crude oil stock exerts some selling pressure on black gold prices, as it’s typically a sign of weak demand. 

On the other hand, Saudi Arabia raised the price of its crude sold to Asia, Northwest Europe, and the Mediterranean in June on the back of a strong demand outlook this summer. The increase is in line with Saudi Arabia’s efforts to keep prices up as the prospect of conflict in the Middle East fades, according to Bloomberg. 

WTI US OIL

Overview
Today last price 78.02
Today Daily Change -0.11
Today Daily Change % -0.14
Today daily open 78.13
 
Trends
Daily SMA20 82.13
Daily SMA50 81.49
Daily SMA100 78.04
Daily SMA200 79.79
 
Levels
Previous Daily High 78.9
Previous Daily Low 77.39
Previous Weekly High 83.63
Previous Weekly Low 77.76
Previous Monthly High 87.12
Previous Monthly Low 80.62
Daily Fibonacci 38.2% 77.97
Daily Fibonacci 61.8% 78.32
Daily Pivot Point S1 77.38
Daily Pivot Point S2 76.62
Daily Pivot Point S3 75.86
Daily Pivot Point R1 78.9
Daily Pivot Point R2 79.66
Daily Pivot Point R3 80.41

 



 

 

 

© 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