Oil: WTI rises more than 1% and reaches maximums in two and a half weeks

  • Fourth consecutive daily advance for oil prices.
  • WTI reached its highest since the beginning of the month.
  • Dollar mixed, Wall Street futures fall.

The prices of Petroleum they rise again more than 1% on Thursday thus extending the weekly gains. The inventory data and the arrival of winter storms in the US contribute to the rise.

The price of a barrel of WTI (trading platforms) is at $79.62, the new weekly maximum, after having started the week below $75.00. If the advance continues, the next barrier is the $80.00 area and then the focus will move to $81.50.

The weather in the US could create complications in production after the arrival of severe winter storms. On the other hand, data from the Energy Information Agency showed a drop of 5.89 million barrels in the week of December 16.

The optimism that is reflected in oil prices, at this time is not seen in the equity markets. Wall Street futures point to a negative opening with moderate falls. In turn, other raw materials are on neutral ground. The dollar operates mixed.

Several US economic reports will be released later Thursday, including the Chicago Fed Activity Index, a new third-quarter GDP growth estimate, the weekly jobless claims report and the manufacturing index. from the Kansas Fed.

technical levels

WTI US OIL

Overview
Today’s last price 79.57
Today Daily Change 1.11
Today Daily Change % 1.41
Today daily open 78.46
trends
Daily SMA20 76.36
Daily SMA50 81.83
Daily SMA100 84.48
Daily SMA200 94.68
levels
Previous Daily High 78.59
Previous Daily Low 75.8
Previous Weekly High 77.83
Previous Weekly Low 70.45
Previous Monthly High 92.92
Previous Monthly Low 73.66
Daily Fibonacci 38.2% 77.53
Daily Fibonacci 61.8% 76.87
Daily Pivot Point S1 76.64
Daily Pivot Point S2 74.83
Daily Pivot Point S3 73.85
Daily Pivot Point R1 79.43
Daily Pivot Point R2 80.41
Daily Pivot Point R3 82.23

Source: Fx Street

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