- WTI corrects lower and breaks the $ 72.00 level on Friday.
- The dollar is unchanged near recent highs.
- Crude oil is still targeting $ 74.00 and up.
WTI prices they lose more ground and retest the zone below $ 72.00 a barrel on Friday.
WTI pays attention to the nivel $ 74.00
Crude oil prices are trading defensively as traders cash in on some of the recent strong gains and the dollar returns to the area of recent highs when measured by the US dollar index.
Meanwhile, the strong rally in WTI has been driven by prospects for higher demand in the coming year from both the EIA and IEA in previous sessions, in combination with supply concerns stemming from Hurricane Ida.
In conjunction with the upbeat tone around commodities, there was another sharp drop in weekly US crude oil supplies, according to API and EIA reports on Tuesday and Wednesday, respectively.
Later on Friday, driller Baker Hughes will release its weekly report on the US oil rig count, closing out the weekly schedule.
Technical levels
Right now, a barrel of WTI is shedding 1.72% at $ 71.72 and a breakout of $ 69.86 (55-day SMA) would target $ 67.17 (September 1 monthly low) and then $ 65.27 (September 1 low). August 9). On the positive side, the next hurdle is located at $ 73.11 (September 15 monthly high) followed by $ 74.21 (July 30 high) and $ 75.47 (July 13 high).
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