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WTI Crude Oil remains below $85.

  • 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

WTI US OIL

Overview
Latest price today 84.28
Today Daily Change 1.01
Today’s daily change 1.21
Today’s daily opening 83.27
Trends
daily SMA20 85.39
daily SMA50 85.71
SMA100 daily 80.55
SMA200 daily 77.97
Levels
Previous daily high 85.34
Previous daily low 82.37
Previous weekly high 89.64
Previous weekly low 84.39
Previous Monthly High 93.98
Previous monthly low 83.09
Daily Fibonacci 38.2 83.5
Fibonacci 61.8% daily 84.21
Daily Pivot Point S1 81.98
Daily Pivot Point S2 80.69
Daily Pivot Point S3 79.01
Daily Pivot Point R1 84.95
Daily Pivot Point R2 86.63
Daily Pivot Point R3 87.93

Source: Fx Street

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