WTI stabilizes near $110, seems to end the week unchanged

Get real time updates directly on you device, subscribe now.

  • WTI remains stable in the $110 area, a little lower on the day, although almost sideways on the week.
  • WTI is trading in the middle of its weekly $105-$115 range as traders continue to ponder various issues.

oil prices They were down a bit on Friday, although they remain comfortably within recent ranges and are not trading with much conviction. WTI futures of the first month they last traded near $110 a barrel, down just under $2 on the day, though still trading nearly $5 above Thursday’s lows around $105. WTI looks set to close the week almost flat, having failed to test late March highs of $116.50 in the early part of the week, before coming under pressure from sharply deteriorating equity market sentiment World Cups on Wednesday.

The lack of new fundamental developments related to oil this week means that it is not too surprising to see WTI in the middle of the $105-$115 range this week. Firstly, there has been little news regarding the EU’s proposed ban on imports of Russian oil. The proposal has not yet achieved the unanimous agreement among EU member states needed to enter into force, and Hungary continues to resist, although analysts hope a deal can be reached at an EU Council summit later this month. .

This lack of progress, combined with the drop in global equities this week as investors fret over aggressive central bank (Fed) tightening amid sky-high inflation despite slowing global growth, prevented WTI from exceeding $110.50. However, new evidence of OPEC+ production difficulties (as smaller countries continue to produce less than forecast and Russian production declines), relaxation of lockdowns in China, and lack of progress in reducing The sanctions on oil exports from Iran and Venezuela, in addition to the weakness of the dollar, helped WTI find many buyers and reach $100.50 again.

Meanwhile, this week’s data showed that despite recent inflation in fuel prices (and prices in general), US consumer spending is holding up. April retail sales data, released on Tuesday, came in better than expected, while weekly US inventory data, released on Wednesday, showed a further decline in crude inventories and US refiners operating. at full capacity. Additionally, data from the Federal Highway Administration on Friday showed vehicle miles traveled in the US continue to rise, indicating no substantial demand destruction yet.

Technical levels


Last Price Today 108.92
Today’s Daily Change -0.03
Today’s Daily Change % -0.03
Today’s Daily Opening 108.95
20 Daily SMA 104.84
50 Daily SMA 103.66
100 Daily SMA 96.6
200 Daily SMA 85.34
Previous Daily High 109.84
Previous Daily Minimum 102.99
Previous Maximum Weekly 109.55
Previous Weekly Minimum 97.21
Monthly Prior Maximum 109.13
Previous Monthly Minimum 92.65
Daily Fibonacci 38.2% 107.23
Daily Fibonacci 61.8% 105.61
Daily Pivot Point S1 104.68
Daily Pivot Point S2 100.41
Daily Pivot Point S3 97.83
Daily Pivot Point R1 111.53
Daily Pivot Point R2 114.11
Daily Pivot Point R3 118.38


Source: Fx Street

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.

www xxx xxx video tube freeproncom filmsex hindi xxxvdo xxx hd
buy kamagra buy kamagra online $255 payday loans online same day no denial payday loans direct lenders only