- The barrel of WTI is around $80.00.
- API reported a build of almost 3.4 million barrels late on Tuesday.
- Fears of recession and the reopening of the Chinese market continue to determine the evolution of prices.
The prices of WTI They are trading in no clear direction around the key $80.00 per barrel level on Wednesday.
WTI focuses on EIA report and China
Commodity prices under pressure after the new high of Monday 2023 beyond the signal of 82.00 dollars per barrel.
However, the weekly leg down seems to have found some containment around the $80.00 area on Wednesday, all this pending the EIA weekly report to be released later in the American session.
In this regard, the API reported a build of nearly 3.4 million barrels in the week to January 20 late on Tuesday, which seems to have been weighing on trader sentiment so far this session, along with with lingering concerns about the recession and its foreseeable impact on demand for crude oil.
Meanwhile, the next date risk for commodities will be the OPEC+ meeting on February 1, where the cartel is expected to maintain the current status quo regarding crude oil production.
technical levels
WTI barrels are currently down 0.02% at $80.19 and a break of $78.84 (55-day SMA) would target $78.18 (weekly low Jan 19) and then $72.50 (2023 low Jan 5). January). To the upside, the next hurdle is $82.60 (Jan 23 high), followed by $83.32 (Dec 1, 2022 monthly high) and finally $93.73 (Nov 7, 2022 monthly high). .
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.
