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


Today last price 81.21
Today Daily Change 0.27
Today Daily Change % 0.33
Today daily open 80.94
Daily SMA20 75.9
Daily SMA50 71.2
Daily SMA100 71.25
Daily SMA200 65.81
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




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