Crude Oil extends rally, WTI crosses above $82.00
18.03.2024, 21:28

Crude Oil extends rally, WTI crosses above $82.00

  • Crude Oil prices are continuing a bull run on Monday.
  • WTI is breaking out on the bull side as supply constraint concerns weigh.
  • US Crude Oil bids into its highest prices since November.

West Texas Intermediate (WTI) US Crude Oil climbed over $82.00 per barrel on Monday, extending a near-term bull. US Crude Oil tested its highest barrel prices since November, hitting a 16-week high of $82.46 to kick off the new trading week.

Energy markets are increasingly concerned that declining Crude Oil supplies will continue into the immediate future. Despite record oil pumping amounts from countries outside of the Organization of the Petroleum Exporting Countries (OPEC), specifically the US, Crude Oil markets are broadly expected to see a medium-term to long-term supply constraint, bumping barrel costs higher.

Weekly Crude Oil Stocks for the week ended March 15 from the American Petroleum Institute (API) are due Tuesday, and last showed a -5.5 million barrel drawdown. The Energy Information Administration’s (EIA) own Crude Oil Stocks Change is due Wednesday. The EIA’s barrel counts are expected to be further drawn down by a scant 25K barrels after the previous week’s decline of -1.5 million.

WTI technical outlook

Monday’s bullish bounce sees WTI trading above the $82.00 handle after catching a rebound from a previous supply zone near $80.00 per barrel. Crude Oil has gained nearly 7.5% from the last swing low below $77.00.

Monday’s bullish extension adds further topside momentum to a technical recovery on daily candlesticks after WTI US Crude Oil bottomed out near $67.85.

WTI hourly chart

WTI daily chart

WTI US OIL

Overview
Today last price 82.19
Today Daily Change 1.62
Today Daily Change % 2.01
Today daily open 80.57
 
Trends
Daily SMA20 78.28
Daily SMA50 76.13
Daily SMA100 75.54
Daily SMA200 78.12
 
Levels
Previous Daily High 80.88
Previous Daily Low 80.01
Previous Weekly High 81.05
Previous Weekly Low 76.5
Previous Monthly High 79.27
Previous Monthly Low 71.46
Daily Fibonacci 38.2% 80.55
Daily Fibonacci 61.8% 80.34
Daily Pivot Point S1 80.09
Daily Pivot Point S2 79.61
Daily Pivot Point S3 79.21
Daily Pivot Point R1 80.97
Daily Pivot Point R2 81.36
Daily Pivot Point R3 81.84

 

 

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