WTI hits fresh seven-year highs near $81.50 amid supply squeeze


  • WTI rises to fresh seven-year tops above the $81 mark in the early European trading hours.
  • Retreat in the US dollar helps crude oil to gain further.
  • Oil set for a weekly gain above 3% on soaring gas prices.

Crude oil continues to march higher and remains on track to jump around 3% on a weekly basis. The price is extending gains since August 20. At the time of writing, WTI is trading at $81.30, up 0.54% for the day.

Crude oil prices rise amid supply-side concerns and growing fuel demand on falling US crude stockpiles. The rally in the prices recorded in particular of high demand and shortage of gas and coal in Europe and Asia-Pacific. Furthermore, the Energy Information Administration (EIA) said that the output in the US is going to drop in 2021 more than previously anticipated, although it will bounce back in 2022.  

The US Dollar Index (DXY), which indicates the performance of the greenback against six major rivals, pushes WTI higher in the European trade. The US dollar was last seen trading at 93.93, down 0.03% for the day.

As for now, the US dollar dynamics and the demand-supply constraints continue to influence WTI prices.

WTI additional levels

WTI

Overview
Today last price 81.21
Today Daily Change 0.27
Today Daily Change % 0.33
Today daily open 80.94
 
Trends
Daily SMA20 75.9
Daily SMA50 71.2
Daily SMA100 71.25
Daily SMA200 65.81
 
Levels
Previous Daily High 81.16
Previous Daily Low 79.83
Previous Weekly High 79.74
Previous Weekly Low 74.75
Previous Monthly High 76.51
Previous Monthly Low 67.02
Daily Fibonacci 38.2% 80.65
Daily Fibonacci 61.8% 80.34
Daily Pivot Point S1 80.13
Daily Pivot Point S2 79.31
Daily Pivot Point S3 78.79
Daily Pivot Point R1 81.46
Daily Pivot Point R2 81.98
Daily Pivot Point R3 82.8

 

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD coming up for a breath of air in support

EUR/USD holding up at critical support in the hourly chart. ECB and Fed are in focus with critical data to end the week. The end of the week for European and US markets will bring plenty of key data for which could still some volatility for traders to enjoy. 

EUR/USD News

GBP/USD wobbles around 1.3800 on Brexit, inflation chatters, UK Retail Sales, PMIs eyed

GBP/USD struggles to extend pullback from monthly high. UK PM Johnson ready to compromise Brexit, NI protocol terms, British covid infections jump. Inflation expectations jump to multi-year high in the UK, US.

GBP/USD News

Gold flirts with $1,790 hurdle on mixed concerns ahead of US PMI

Gold refreshes intraday high to $1,787 during the four-day run-up amid early Friday. The yellow metal witnessed pullback the previous day amid firmer USD, on relation fears, but the latest sentiment-positive headlines seem to have favored the gold buyers.

Gold News

Ethereum Classic price lags behind Bitcoin and XRP despite upcoming rally

Ethereum Classic price action for the Thursday trade session has been the definition of a whipsaw. The daily candlestick open has dropped as much as 9.5% and spiked higher by as much as 10.5% - big swings in all directions.

Read more

The idea of inflation falling back by (say) March is a fantasy

We get some non-movers today like the Philly Fed, Sept existing home sales, and leading indicators, but let’s face it, jobless claims own the space. Claims are not behaving as expected and are wildly at odds with job openings. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures