Oil: WTI resumes lows and marks minimums in a week

  • Oil prices continue to decline on Tuesday, continuing Monday’s lows.
  • WTI barrel looks closely again at the lows of this year.

Oil prices are falling on Tuesday, again after plunging on Monday. The falls exceed 1%, placing a large part of the prices at their lowest in one week and close to the floor of 2022.

The latest US economic data, despite being higher than expected, did not help oil prices given the expectation that the Federal Reserve’s monetary tightening would continue. Nor to shares on Wall Street, which are falling again after the significant on Tuesday.

The pessimism of the equity markets is reflected in the oil market. In turn, the optimism that followed the news of a reopening of the Chinese economy gradually softened, taking momentum out of oil prices. Later on Tuesday, API (American Petroleum Institute) will release weekly figures for US oil reserves.

The Oil prices had the biggest daily drop in two weeks on Monday. The barrel of WTI (trading platforms) on Tuesday is below $76.00, at a low since November 28 and could have the lowest daily close in almost a year. The price is approaching the 2022 intraday low reached last week at $73.48.

technical levels

WTI US OIL

Panorama
Last Price Today 76.1
Today’s Daily Change -1.32
Today’s Daily Change % -1.70
Today’s Daily Open 77.42
Trends
20 Daily SMA 81.64
SMA of 50 Daily 84.27
SMA of 100 Daily 87
SMA of 200 Daily 96.6
levels
Previous Daily High 82.74
Minimum Previous Daily 76.86
Previous Weekly High 83.3
Previous Weekly Minimum 73.66
Maximum Prior Monthly 92.92
Minimum Prior Monthly 73.66
Daily Fibonacci 38.2% 79.1
Daily Fibonacci 61.8% 80.49
Daily Pivot Point S1 75.27
Daily Pivot Point S2 73.12
Daily Pivot Point S3 69.39
Daily Pivot Point R1 81.16
Daily Pivot Point R2 84.89
Daily Pivot Point R3 87.04

Source: Fx Street

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