Oil: WTI reverses trend and rises from lows in almost a year

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  • After falling 2%, oil prices turn to positive territory on Wednesday.
  • WTI barrel returns above $75.00 after being below $73.00.

Oil prices are experiencing a big rebound in the last few hours, erasing losses of more than 2% and moving into positive territory for the day. The WTI barrel of losing more than 2% rises more than 1%. The jump in price does not have a clear factor behind it.

Hours ago, the WTI barrel fell to $72.77, reaching the lowest level since the second half of December 2021. After this, it managed to stabilize and in the last hour it accelerated upwards, at the same time that the dollar lost strength in the market and before a slight recovery in Wall Street futures.

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The price climbed to $75.36, and remains near the highs, up 1%. The rise for the moment only allows him to recover a small part of the losses of the last three days.

Hours ago, the price did not find support even after the news from China, of a relaxation in the measures to control COVID. The market paid more attention to the figures below China’s foreign trade expectations, which even seem to have motivated the authorities’ decision on the restrictions.

technical levels

WTI US OIL

Overview
Today’s last price 75.35
Today Daily Change 0.89
Today Daily Change % 1.20
Today daily open 74.46
trends
Daily SMA20 80.94
Daily SMA50 84.2
Daily SMA100 86.74
Daily SMA200 96.5
levels
Previous Daily High 77.99
Previous Daily Low 73.56
Previous Weekly High 83.3
Previous Weekly Low 73.66
Previous Monthly High 92.92
Previous Monthly Low 73.66
Daily Fibonacci 38.2% 75.25
Daily Fibonacci 61.8% 76.3
Daily Pivot Point S1 72.68
Daily Pivot Point S2 70.91
Daily Pivot Point S3 68.26
Daily Pivot Point R1 77.11
Daily Pivot Point R2 79.76
Daily Pivot Point R3 81.54

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Source: Fx Street

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