WTI falls slightly to $85 as uncertain demand outlook counters Middle East tensions
17.04.2024, 09:55

WTI falls slightly to $85 as uncertain demand outlook counters Middle East tensions

  • Oil prices edge down to $85 as Fed Powell’s hawkish guidance cast doubts over global demand outlook.
  • The US warns to levy fresh sanctions on Iran in response to its attack on Israel.
  • Worsening geopolitical tensions will firm the oil price outlook.

West Texas Intermediate (WTI), futures on NYMEX, drop slightly to the crucial support of $85.00 in the European session on Wednesday. The Oil price comes under pressure on weak demand outlook amid expectations that the Federal Reserve (Fed) will keep interest rates higher for a longer period.

Stubbornly higher consumer price inflation and strong labor market data for March have dented Fed’s confidence in price pressures declining to the desired rate of 2%. On Tuesday, Fed Chair Jerome Powell said, “The recent data have clearly not given us greater confidence, and instead indicate that it’s likely to take longer than expected to achieve that confidence” reported Reuters.

Apart from that, expectations for higher crude Oil inventories for the week ending April 12 have weighed on the Oil price. The United States Energy Information Administration (EIA) is forecasted to have shown a rise in in Oil stockpiles by 1.6 million barrels.

In the Middle East region, fears of oil supply tightening further have deepened as Israel prepares to respond to Iran’s attack on their territory. After aiming hundreds of drones and missiles on Israel, Tehran said, “the matter deemed to be closed.” However, should the Israeli regime make another mistake, Iran’s response will be considerably more severe, Wall Street Journal reported.

The spread of war situation beyond Gaza will disrupt the Oil supply chain. Iran is the third largest Oil exporting member of the OPEC and his involvement in war with Israel will significantly fluctuate global Oil prices. The long-term outlook of the Oil price remains strong if geopolitical tensions worsen further.

Meanwhile, fears of fresh sanctions from the US on Iran has further escalated prospects of tight Oil supply. US Treasury Secretary Janet Yellen said that their administration intends to levy new sanctions on Iran against its attack on Israel. Fresh sanctions on Iran would impact their capacity of exporting oil.

WTI US OIL

Overview
Today last price 84.17
Today Daily Change -0.61
Today Daily Change % -0.72
Today daily open 84.78
 
Trends
Daily SMA20 83.76
Daily SMA50 80.2
Daily SMA100 76.76
Daily SMA200 79.5
 
Levels
Previous Daily High 85.67
Previous Daily Low 84.24
Previous Weekly High 87.03
Previous Weekly Low 84.01
Previous Monthly High 83.05
Previous Monthly Low 76.5
Daily Fibonacci 38.2% 84.79
Daily Fibonacci 61.8% 85.12
Daily Pivot Point S1 84.12
Daily Pivot Point S2 83.47
Daily Pivot Point S3 82.7
Daily Pivot Point R1 85.55
Daily Pivot Point R2 86.32
Daily Pivot Point R3 86.97

 

 

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