Oil: WTI reaches highs in almost two weeks despite falling markets

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  • Oil prices rise despite negative climate in stock markets.
  • WTI reaches the highest level since June 17.
  • Wall Street futures falls, after sharp decline on Tuesday.

The oil prices They are rising for the fourth day in a row on Wednesday and climbed to multi-day highs, despite fears of a global slowdown in the economy that are weighing on markets. This leaves behind the optimism that had emerged on Tuesday over expectations of less COVID restrictions in China.

The situation regarding oil supply seems to be stronger than the mood of pessimism. Social problems in Ecuador and Libya may lead to lower supply. This occurs while the technical committee of the Organization of the Petroleum Exporting Countries and its allies to review agreed production levels.

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No big news is expected from the OPEC and allies meeting. The press indicates that Saudi Arabia and the United Arab Emirates are the countries of the organization with the capacity to increase production to cover the lower production of Russia.

The price of a barrel of WTI (platforms) operates in the area of ​​$111.30, the highest level since June 17. Since the beginning of the current week, the price is up more than 5%.

Technical levels

WTI US OIL

Overview
Today last price 111.27
Today Daily Change 0.56
Today Daily Change % 0.51
Today daily open 110.71
trends
Daily SMA20 113.27
Daily SMA50 109.29
Daily SMA100 104.93
Daily SMA200 91.59
levels
Previous Daily High 111.06
Previous Daily Low 108.51
Previous Weekly High 110.82
Previous Weekly Low 101.17
Previous Monthly High 118.66
Previous Monthly Low 97.21
Daily Fibonacci 38.2% 110.08
Daily Fibonacci 61.8% 109.48
Daily Pivot Point S1 109.13
Daily Pivot Point S2 107.55
Daily Pivot Point S3 106.58
Daily Pivot Point R1 111.67
Daily Pivot Point R2 112.64
Daily Pivot Point R3 114.22

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Source: Fx Street

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