Market news
09.05.2024, 00:19

WTI posts modest gains around $79.00 on US crude stock draw

  • WTI price edges higher to $78.95 on Thursday. 
  • US crude stocks fell 1.4 million barrels last week, according to the EIA. 
  • The hopes of a ceasefire in Gaza have weighed on WTI prices in recent trading sessions. 

Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $78.95 on Thursday. The black gold recovers losses after a surprise crude stock draw in the United States.  

The Energy Information Administration (EIA) reported on Wednesday that crude inventories for the week ending May 3 declined by 1.4 million barrels to 459.5 million barrels from 7.3 million barrels built in the previous week. The market consensus estimated that stocks would decrease by 1.4 million barrels. A decline in oil inventories might lift the WTI prices as it’s typically a sign that demand is increasing. 

The United States expects that discussions on a Gaza ceasefire will be able to close the gap between Israel and Hamas. The US Central Intelligence Agency Director William Burns visited Israel on Wednesday and spoke with Israeli Prime Minister Benjamin Netanyahu, per Reuters. The easing geopolitical tensions in the Middle East might weigh on the WTI prices. 

Apart from this, the hawkish remarks from the US Federal Reserve (Fed) officials to hold the rates higher for longer boost the Greenback broadly and might cap the upside of the USD-denominated oil. Boston Fed president Susan Collins said on Wednesday that it will take longer "than previously thought" to bring inflation down. 

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, known as OPEC+, will meet on June 1 to discuss its production policy. Nonetheless, Russian Deputy Prime Minister Alexander Novak stated Tuesday that there is currently no talk among OPEC+ about increasing oil supply.

WTI US OIL

Overview
Today last price 78.95
Today Daily Change 0.04
Today Daily Change % 0.05
Today daily open 78.91
 
Trends
Daily SMA20 81.79
Daily SMA50 81.5
Daily SMA100 78.09
Daily SMA200 79.77
 
Levels
Previous Daily High 78.93
Previous Daily Low 76.71
Previous Weekly High 83.63
Previous Weekly Low 77.76
Previous Monthly High 87.12
Previous Monthly Low 80.62
Daily Fibonacci 38.2% 78.08
Daily Fibonacci 61.8% 77.56
Daily Pivot Point S1 77.44
Daily Pivot Point S2 75.97
Daily Pivot Point S3 75.22
Daily Pivot Point R1 79.66
Daily Pivot Point R2 80.4
Daily Pivot Point R3 81.88

 

 

© 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