- The oil market continues with high volatility, between Ukraine and inventories.
- The price of WTI rises to $100.00 on the platforms.
- Continuity of sudden movements is expected.
Oil prices begin the week showing signs of stabilization after last week’s slump of 12%, as a result of a correction and driven by the announcement of the release of US strategic reserves and the International Energy Agency (IEA).
The use of reserves increased after the Organization of the Petroleum Exporting Countries and its allies would not favor a greater increase in production. The rise in oil is driving global inflation, which was already on the rise after the pandemic.
This week more details will be known about the release of barrels of oil from emergency reserves by the IEA countries. The focus will also continue on the progress of the war in Ukraine and sanctions to Russia.
The barrel of WTI is in the zone of daily highs at $100.15 on the platforms, after having found support at $97.35. In the short term, it shows signs of stabilization, which will be tested if a break of $97.00 occurs.
Technical levels
Source: Fx Street
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
