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Oil: WTI rises more than 1% due to supply problems

  • Oil rises for the second day in a row.
  • WTI tries to return above $107.00.
  • Wall Street without operations due to US holiday

The prices of Petroleum they are rising on Monday, extending the bounce that began Friday from one-week lows. The barrel of WTI (trading platforms) rises 1% and stands at $107.90. Previously it climbed to $108.48.

The rises occur in a context of low volume of operations due to being a holiday in the US and in the face of a general decline in the US dollar. DXY loses 0.20%.

Concerns about a global recession leading to lower demand for oil are not putting downward pressure on prices. It happens that at the same time, there are new supply problems.

In Libya, production remains limited by the internal social situation, with protests that led to the closure of plants. In turn, the Organization of the Petroleum Exporting Countries and its allies increased production moderately, and on schedule.

The intraday bias on the WTI chart is bullish. In an overall perspective, range-bound trading continues, with the price around $105.00. A break below $102.00 would leave the price weakened, ready for more declines. On the upside, if it settles above $111.50, the very short-term outlook would have a bullish bias.

Technical levels


Today last price 107.86
Today Daily Change 1.12
Today Daily Change % 1.05
Today daily open 106.74
Daily SMA20 111.83
Daily SMA50 109.53
Daily SMA100 105.46
Daily SMA200 92.11
Previous Daily High 107.64
Previous Daily Low 103.12
Previous Weekly High 112.73
Previous Weekly Low 103.12
Previous Monthly High 121.36
Previous Monthly Low 101.17
Daily Fibonacci 38.2% 105.91
Daily Fibonacci 61.8% 104.85
Daily Pivot Point S1 104.02
Daily Pivot Point S2 101.31
Daily Pivot Point S3 99.49
Daily Pivot Point R1 108.55
Daily Pivot Point R2 110.36
Daily Pivot Point R3 113.08

Source: Fx Street

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