WTI attracts some sellers above $77.00 amid geopolitical risks, FOMC Minutes eyed

WTI edges lower to $77.10 after reaching a three-month high last week.
Concerns around global oil demand from the IEA could drag the oil price lower.
The rising Middle East geopolitical conflicts might cap the downside of WTI.

Lallalit Srijandorn FXStreet

Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $77.10 on Wednesday. WTI prices edge lower as traders take profits from the crude oil uptick this month. However, the escalating geopolitical tensions in the Middle East might cap the downside of WTI prices.

Last week, the International Energy Agency (IEA) revised the 2024 oil demand growth prediction downward. The IEA expected global oil demand will grow by 1.22 million barrels per day (bpd) this year, less than OPEC's forecast of 2.25 million bpd. That being said, worries about global demand drag WTI prices lower.

On the other hand, the rising geopolitical conflict in the Middle East might lift the black gold and cap the downside. Israel carried out attacks in Lebanon and pledged to continue its attacks in Gaza, targeting the southern city of Rafah. On Monday, Houthi militants attacked another commercial ship in the Bab el-Mandeb strait, forcing the crew to abandon the vessel.

Oil traders will monitor the EIA Crude Oil Stocks Change and API Weekly Crude Oil Stock, due on Wednesday and Thursday, respectively. The highlight will be the FOMC Minutes on Wednesday, which might provide insight into the path to interest rate cuts and the current policy stance of the US Federal Reserve (Fed). These events could significantly impact the USD-denominated WTI price. Oil traders will take cues from the data and find trading opportunities around WTI prices.

WTI US OIL

Overview
Today last price	77.09
Today Daily Change	-0.04
Today Daily Change %	-0.05
Today daily open	77.13

Trends
Daily SMA20	76.12
Daily SMA50	74.14
Daily SMA100	76.7
Daily SMA200	77.52

Levels
Previous Daily High	78.48
Previous Daily Low	76.77
Previous Weekly High	78.47
Previous Weekly Low	75.51
Previous Monthly High	79.19
Previous Monthly Low	69.41
Daily Fibonacci 38.2%	77.42
Daily Fibonacci 61.8%	77.82
Daily Pivot Point S1	76.44
Daily Pivot Point S2	75.75
Daily Pivot Point S3	74.74
Daily Pivot Point R1	78.15
Daily Pivot Point R2	79.17
Daily Pivot Point R3	79.86

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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