WTI up nearly 2%, driven by robust US economy and Middle East tensions. (Pivot Orderbook analysis)
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- WTI up nearly 2%, driven by robust US economy and Middle East tensions.
- Red Sea disruptions, including Maersk ship incidents and Russian refinery drone attack, heighten oil supply worries.
- US crude stockpile declines due to severe weather and positive Chinese economic recovery signs bolster oil prices.
The pair currently trades last at 77.31.
The previous day high was 75.8 while the previous day low was 73.94. The daily 38.2% Fib levels comes at 75.09, expected to provide support. Similarly, the daily 61.8% fib level is at 74.65, expected to provide support.
West Texas Intermediate (WTI), the US crude oil benchmark, rose almost 2% on Thursday following the latest release of Gross Domestic Product (GDP) figures in the United States (US). Geopolitical tensions in the Middle East sponsored the so-called “black gold” leg up, and at the time of writing, Oil trades at $76.82 per barrel after bouncing off a daily low of $75.19.
Tensions in the Middle East are causing disruptions in global trade. The recent incident involving Maersk ships that were carrying US military equipment refrained from training into the Red Sea after hearing explosions that forced two ships to retreat despite being escorted by the US Navy.
Meanwhile, sources cited by Reuters commented that energy markets are beginning to reflect supply chain disruptions, linked to the Red Sea conflict. This could underpin Oil prices, which rose for the aforementioned reasons, along with a drone attack on a Russian Oil refinery.
In the meantime, a larger-than-expected draw in crude stockpiles in the US due to extreme cold weather was a tailwind for WTI prices
Meanwhile, expectations that China’s economy is recovering were cheered by Oil bulls following the People’s Bank of China (PBoC) decision to reduce bank reserves on Wednesday.
Technical Levels: Supports and Resistances
XTIUSD currently trading at 77.31 at the time of writing. Pair opened at 75.43 and is trading with a change of 2.49 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 77.31 |
| 1 | Today Daily Change | 1.88 |
| 2 | Today Daily Change % | 2.49 |
| 3 | Today daily open | 75.43 |
The pair is trading above its 20 Daily moving average @ 72.71, above its 50 Daily moving average @ 73.39 , below its 100 Daily moving average @ 79.19 and above its 200 Daily moving average @ 77.26
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 72.71 |
| 1 | Daily SMA50 | 73.39 |
| 2 | Daily SMA100 | 79.19 |
| 3 | Daily SMA200 | 77.26 |
The previous day high was 75.8 while the previous day low was 73.94. The daily 38.2% Fib levels comes at 75.09, expected to provide support. Similarly, the daily 61.8% fib level is at 74.65, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 74.32, 73.2, 72.46
- Pivot resistance is noted at 76.17, 76.92, 78.03
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 75.80 |
| Previous Daily Low | 73.94 |
| Previous Weekly High | 74.60 |
| Previous Weekly Low | 70.63 |
| Previous Monthly High | 76.79 |
| Previous Monthly Low | 67.97 |
| Daily Fibonacci 38.2% | 75.09 |
| Daily Fibonacci 61.8% | 74.65 |
| Daily Pivot Point S1 | 74.32 |
| Daily Pivot Point S2 | 73.20 |
| Daily Pivot Point S3 | 72.46 |
| Daily Pivot Point R1 | 76.17 |
| Daily Pivot Point R2 | 76.92 |
| Daily Pivot Point R3 | 78.03 |
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