Oil: WTI erases daily gains, remains in weekly high zone

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  • The price of oil reached the highest since August 2 before falling back.
  • Greater-than-expected drop in inventories in the US and the possibility of cutting production favor increases.
  • Eyes on Powell and news on the Iran nuclear deal.

The prices of Petroleum they are falling modestly on Thursday, after hitting their highest since early August. Short-term momentum remains bullish.

On Thursday, Wall Street futures are rising while the dollar is slightly lower. This gives some support to oil. Added to the above are the recent inventory data, which showed higher than expected declines. On Wednesday, the Energy Information Agency reported a drop of 3.28 million barrels, with the consensus being for a drop of less than a million.

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Traders are awaiting news about the nuclear deal with Iran. In addition, the Jackson Hole symposium begins, which will have Jerome Powell among its exhibitors on Friday.

technically the WTI (trading platforms) is on a bullish tone after breaking a multi-day bearish line. To recover momentum, the price needs to return above $95.00, then the high of the day will follow at $95.55, and $96.00. Beyond that, a strong barrier looms at $98.00. Should it continue above $93.50, further gains look possible. Below the next support is seen at $90.80.

Technical levels

WTI US OIL

Panorama
Last Price Today 94.65
Today’s Daily Change -0.60
Today’s Daily Change % -0.63
Today’s Daily Opening 95.25
Trends
20 Daily SMA 91.15
50 Daily SMA 97.5
100 Daily SMA 102.71
200 Daily SMA 94.83
levels
Previous Daily High 95.26
Previous Daily Minimum 92.7
Previous Maximum Weekly 91.64
Previous Weekly Minimum 85.39
Monthly Prior Maximum 109.54
Previous Monthly Minimum 88.34
Daily Fibonacci 38.2% 94.28
Daily Fibonacci 61.8% 93.68
Daily Pivot Point S1 93.54
Daily Pivot Point S2 91.83
Daily Pivot Point S3 90.97
Daily Pivot Point R1 96.11
Daily Pivot Point R2 96.97
Daily Pivot Point R3 98.68

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Source: Fx Street

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