WTI received support over concerns about supply disruptions between Europe and Asia. (Pivot Orderbook analysis)
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- WTI received support over concerns about supply disruptions between Europe and Asia.
- Israeli Prime Minister Benjamin Netanyahu stated that Israel plans to launch an attack on Rafah.
- The Wafa oil field in western Libya has resumed operations after being temporarily shut down on Sunday.
The pair currently trades last at 77.36.
The previous day high was 77.87 while the previous day low was 75.73. The daily 38.2% Fib levels comes at 77.05, expected to provide support. Similarly, the daily 61.8% fib level is at 76.55, expected to provide support.
The West Texas Intermediate (WTI) oil price has dipped slightly to near $77.30 per barrel during the Asian session on Tuesday. However, Crude oil prices have found support from ongoing geopolitical tensions in the Red Sea region. Specifically, the targeting of civilian shipping vessels by Iran-led Houthis has raised concerns about potential disruptions to supply lines between Europe and Asia. As a result, bids for Crude oil barrels remain elevated as market participants monitor the situation closely.
In a significant development, Israeli Prime Minister Benjamin Netanyahu has stated that Israel plans to launch an attack on Rafah, a city where hundreds of thousands of displaced Palestinians are taking shelter. However, Netanyahu noted that the assault would be postponed if a deal to release captives is reached.
US President Joe Biden also weighed in, expressing the belief that negotiators are close to an agreement that would halt Israel’s military actions in Gaza within a week, contingent on the release of at least some of the more than 100 hostages held by Hamas.
Notably, Israeli negotiators have indicated a willingness to release a group of high-profile Palestinian prisoners serving long sentences in exchange for the freedom of some Israeli hostages held in Gaza.
In a notable address on policy, Kansas City Federal Reserve Bank President Jeffrey Schmid conveyed that he shares the sentiment of many central banking counterparts in not hurrying to reduce interest rates. This stance, commonly held among policymakers, reflects a cautious approach to monetary policy changes. Typically, high borrowing costs have the effect of dampening economic growth, which leads to reduced oil demand.
The Wafa oil field in western Libya, which produces between 40,000 to 45,000 barrels per day (bpd), has resumed operations after being temporarily shut down on Sunday. This has also resulted in the restoration of a natural gas link to Italy. The halt was prompted by protests, but the demonstrators withdrew from the facilities following assurances from the government regarding the fulfillment of their demands.
Technical Levels: Supports and Resistances
XTIUSD currently trading at 77.36 at the time of writing. Pair opened at 77.41 and is trading with a change of -0.06 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 77.36 |
| 1 | Today Daily Change | -0.05 |
| 2 | Today Daily Change % | -0.06 |
| 3 | Today daily open | 77.41 |
The pair is trading above its 20 Daily moving average @ 76.24, above its 50 Daily moving average @ 74.6 , above its 100 Daily moving average @ 76.48 and below its 200 Daily moving average @ 77.63
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 76.24 |
| 1 | Daily SMA50 | 74.60 |
| 2 | Daily SMA100 | 76.48 |
| 3 | Daily SMA200 | 77.63 |
The previous day high was 77.87 while the previous day low was 75.73. The daily 38.2% Fib levels comes at 77.05, expected to provide support. Similarly, the daily 61.8% fib level is at 76.55, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 76.14, 74.87, 74.0
- Pivot resistance is noted at 78.28, 79.14, 80.41
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 77.87 |
| Previous Daily Low | 75.73 |
| Previous Weekly High | 78.74 |
| Previous Weekly Low | 76.22 |
| Previous Monthly High | 79.19 |
| Previous Monthly Low | 69.41 |
| Daily Fibonacci 38.2% | 77.05 |
| Daily Fibonacci 61.8% | 76.55 |
| Daily Pivot Point S1 | 76.14 |
| Daily Pivot Point S2 | 74.87 |
| Daily Pivot Point S3 | 74.00 |
| Daily Pivot Point R1 | 78.28 |
| Daily Pivot Point R2 | 79.14 |
| Daily Pivot Point R3 | 80.41 |
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