WTI Oil

WTI oil regained traction on Monday and bounced close to $73 per barrel, following a massive 12.5% drop on Friday, sparked by fresh fears that the new Omicron variant would hurt global demand.

Oil prices rose after markets digested the news, seeing the reaction news about new virus variants as overdone.

Oil price dropped to a three-month low ($67.38) on Friday, retracing 76.4% of $61.81/$85.39 upleg) and generated a bearish signal on a weekly close below $70 level (psychological / 200DMA).

Fundamentals are mixed as more news about new virus variant and its possible impact is required, while OPEC+ group, which meets later this week, said they are not worried about Omicron and see no need for urgent action on the market.

Recovery is still holding below the base of thickening daily cloud ($73.59) that keeps near-term bias with bears and risk of renewed probe below $70 in play.

Only bounce through $74.00/$75.00 zone (100DMA / former low of Nov 22) would ease bearish pressure and allow for stronger correction.

Res: 72.90; 73.59; 74.16; 74.75.
Sup: 70.00; 69.63; 67.38; 66.84.

USCrude

Interested in Oil technicals? Check out the key levels

    1. R3 85.82
    2. R2 81.96
    3. R1 75.03
  1. PP 71.17
    1. S1 64.24
    2. S2 60.38
    3. S3 53.45

 

The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

Feed news Join Telegram

Recommended Content


Recommended Content

Editors’ Picks

AUD/USD retreating from around 0.7000

AUD/USD retreating from around 0.7000

The AUD/USD pair hit 0.7008 before retreating, following US stocks’ behavior. Wall Street benefited from easing US government bond yields but ended the day mixed ahead of critical US data.

AUD/USD News

EURUSD bulls losing the battle around 1.0200

EURUSD bulls losing the battle around 1.0200

EUR/USD edged higher on Monday, but remains unable to clear the 1.0200 threshold, trading a handful of pips below the figure. The energy crisis in Europe and tensions with Russia undermined demand for the EUR.

EUR/USD News

Gold bulls looking to overcome the $1,800 barrier

Gold bulls looking to overcome the $1,800 barrier

Gold advanced on Monday, reaching an intraday high of $1,790.01 a troy ounce during the American afternoon, holding nearby. The greenback gave back the Nonfarm Payrolls report-inspired gains and eased on the back of retreating US government bond yields.

Gold News

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Are your bags packed for FOMO Season?

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Are your bags packed for FOMO Season?

The crypto market shows strength to start the second trading week of August, and key levels have been identified. Although it's still early market, current prices may be the ultimate discount in hindsight.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Majors

Cryptocurrencies

Signatures