WTI rises above $ 75.00 amid deep energy crisis

• The Western Texas Intermediate is ready for its six-week profit.
• Oil threatens to close above $ 75.00 for the first time in three months.
• WTI’s technical outlook appears poised for higher prices.

El Western Texas Intermediate (WTI) it is advancing during the day, trading at $ 75.27, posting gains of 0.43% at time of writing. WTI price action during the day has risen and fallen. However, he is threatening to close above $ 75.00 for the first time since June of this year, and it would be his sixth weekly profit.

Market sentiment is mixed, with US stocks posting gains of between 0.56% and nearly 1%, with the exception of the Nasdaq Composite, which is down just 0.02%. The dollar is posting losses for the second day in a row as the US dollar index is down 0.26%, holding on to 94.02.

The main driver of oil in recent days is energy shortages. According to Bloomberg, China ordered state-owned companies to secure energy supplies at all costs, while Beijing battles a deep energy crisis. When that news hit the media, the WTI rose from around $ 73.40 to $ 75.30. In addition, rising coal and natural gas prices reinforced prospects for higher crude prices. Investors’ attention is focused on the OPEC + meeting to be held the following week, on October 4.

WTI Price Forecast: Technical Outlook

Daily chart

Oil is slowly approaching $ 75.00. A daily close above that level would push prices to test $ 77.00 for the second time in two weeks. If oil buyers break above that level, a race to $ 80.00 is expected.

On the other hand, a break of $ 75.00 could pave the way for further losses. The first support would be the October 1 low at $ 74.21. A sustained breakout of the latter would expose $ 74.00, followed by $ 73.12.

The Relative Strength Index is at 65, with little room to spare, should it rise modestly.

Technical levels