- WTI is experiencing ups and downs during the trading session on Friday.
- US crude oil is moving between $85 and $83 per barrel.
- Oil markets remain concerned about tensions in the Middle East, but the global slowdown is hard to ignore.
West Texas Intermediary (WT) crude oil barrels see some tension in the midrange on Friday, in play between $85.00 and $83.00 per barrel, as energy markets extend their bets towards the center.
Oil markets remain agitated by headlines about the Middle East, and barrel traders continue to monitor developments in the conflict in the Gaza Strip.
Two Egyptian cities on the Red Sea were hit by errant projectiles early on Friday, highlighting market concerns that the conflict between Israel and Hamas could spread to neighboring regions.
Israel faces global opposition to its planned large-scale invasion of Gaza, and has so far failed to execute its strategy, but Israeli forces still saw their largest ground assault of the disputed region on Friday.
On Thursday, Iranian Foreign Minister Hossein Amirabdollahian threatened intentional geopolitical upheaval while at the United Nations, stating that the United States “would not be spared from this fire” if Israel continued to attack Hamas forces.
The current escalation was triggered by a Hamas rocket barrage three weeks ago that broke the record for deaths in a single attack up to that point.
Despite geopolitical tensions spreading from the Jordan region, energy investors are finding it difficult to ignore the increasingly strong signs of weakness in global growth, and concerns are growing in the fossil fuel sector that the Demand for barrels of crude oil will plummet in the coming months.
WTI Technical Outlook
WTI crude oil is currently in consolidation with candles trading within known daily ranges. US oil has fallen almost 5% on the week, as WTI hovers around $84.00 per barrel.
$82.00 is proving to be a significant technical support level, while a bearish break will see barrel bids challenging the 200-day SMA currently parked near $78.00.
To the upside, the latest high is near the psychological level of $90.00, while if it breaks above the 2023 ceiling at $93.98, WTI would hit a 14-month high in the $94.00 area.
WTI Daily Chart
WTI technical levels
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
