- WTI rises but modestly on Tuesday, bullish tone loses strength.
- Expectation grows due to the report of monthly EIA estimates before the decision on strategic reserves.
The a barrel of WTI oil is rising modestly on Tuesday, completing three consecutive days with rises, but already showing signs of possible exhaustion. The price of a barrel climbed to $ 82.81, before falling back to $ 82.00.
A mixed dollar and a modest rise in equity markets are helping the price of crude to stay above $ 82.00. The key data for the first half of the day will be US wholesale inflation at 13:30 GMT.
For the prices of Petroleum the critical report will be the monthly report of the Energy Information Administration (EIA) with the short-term outlook of the energy sector. The relevance of this report is that the estimates will help Biden’s management make a decision regarding strategic reserves.
In case of affirming over $ 82.50, technically the WTI will have room to continue advancing. The next resistance is seen at $ 83.80. In the opposite direction, a confirmation below $ 81.60 could leave crude vulnerable to further declines; with the next support at $ 80.90.
Technical levels
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