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WTI jumps to $96 as Saudi Arabia prepares to raise oil prices to record highs

Having found buyers just above the $94 threshold, WTI prices are rebounding strongly amid moderately positive risk sentiment and reports that Saudi Arabia is considering raising the price of oil to a record level.

The world’s top crude exporter, Saudi Arabia, is considering raising the price of its star crude to Asia by a record spread for September, despite weak physical demand.

According to the Bloomberg study, “Saudi is expected to price its Arab Light crude to Asia at a premium of $10.80 per barrel to the region’s benchmark for September shipments.”

Saudi Aramco is scheduled to publish its official sales prices for September next week.. The rise in oil prices that is being studied could suggest a possible turning point for the market.

Despite the latest rise in black gold, further hikes seem unlikely ahead of the Fed’s expected decision to raise rates by 75 basis points. In addition, fears of a looming recession, courtesy of the worsening gas crisis in Europe, the Chinese lockdown and the tightening of central banks globally, also limit the bullish attempts of US oil.

At the time of writing, WTI was trading at $95.50, pulling back from daily highs of $95.88, though still up 0.75% on the day.

WTI: Technical Levels

WTI US OIL

Panorama
Last Price Today 95.5
Today’s Daily Change 0.67
Today’s Daily Change % 0.71
Today’s Daily Opening 94.83
Trends
20 Daily SMA 99.04
50 Daily SMA 107.16
100 Daily SMA 105.56
200 Daily SMA 93.8
levels
Previous Daily High 98.26
Previous Daily Minimum 94.14
Previous Maximum Weekly 100.69
Previous Weekly Minimum 92.77
Monthly Prior Maximum 121.36
Previous Monthly Minimum 101.17
Daily Fibonacci 38.2% 95.71
Daily Fibonacci 61.8% 96.68
Daily Pivot Point S1 93.23
Daily Pivot Point S2 91.63
Daily Pivot Point S3 89.11
Daily Pivot Point R1 97.34
Daily Pivot Point R2 99.86
Daily Pivot Point R3 101.46

Source: Fx Street

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