WTI slides from weekly highs around $95.73 on traders unable to crack the 200-DMA.

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE and login below to read further [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• WTI slides from weekly highs around $95.73 on traders unable to crack the 200-DMA.
• Iran’s nuclear deal could add close to 3 million BPD to the market, easing energy prices.
• OPEC+ is open to cutting oil output at their next meeting via sources.

The pair currently trades last at 92.95.

The previous day high was 95.26 while the previous day low was 92.7. The daily 38.2% Fib levels comes at 94.28, expected to provide resistance. Similarly, the daily 61.8% fib level is at 93.68, expected to provide resistance.

Western Texas Intermediate, also known as WTI, begins Friday’s Asian session almost flat after diving $2 on Thursday, spurred by several factors. Iran’s possible return to the oil market and higher US interest rates in the US would weaken demand for oil in the largest economy in the world. WTI is trading at $92.96 per barrel, recording marginal losses of 0.12%.

Sentiment remains upbeat, though with a cautious tone in the markets. Investors bracing for the US Federal Reserve Chair Jerome Powell’s speech maintain most of the market participants on the sidelines.

The Organization of Petroleum Exporters Countries, also known as OPEC, noted that the cartel could consider making output cuts at the next meeting, even though the theme has not been added to the agenda, according to sources.

Further headwinds for WTI is a possible agreement of a new nuclear deal between Iran and the US. If both parties get the job done, that will free Iran’s more than 2 million BPD into the oil market, tapping energy prices down amidst a worldwide environment of inflation hitting multi-decade levels.

Technical Levels: Supports and Resistances

XTIUSD currently trading at 92.95 at the time of writing. Pair opened at 95.25 and is trading with a change of -2.5 % .

The pair is trading above its 20 Daily moving average @ 91.15, below its 50 Daily moving average @ 97.5 , below its 100 Daily moving average @ 102.71 and below its 200 Daily moving average @ 94.83

The previous day high was 95.26 while the previous day low was 92.7. The daily 38.2% Fib levels comes at 94.28, expected to provide resistance. Similarly, the daily 61.8% fib level is at 93.68, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 93.54, 91.83, 90.97
• Pivot resistance is noted at 96.11, 96.97, 98.68

[/s2If]
Join Our Telegram Group