• WTI holds steady in the Asian session as supply risks start to abate. 
  • Investors keeping an eye on Russia risks and Omricon. 

West Texas Intermediate (WTI) crude oil settled lower on Monday as supply disruptions in Libya and Kazakhstan eased. Some supplies were restored in Kazakhstan, while Libyan oil production rose to 900,000b/d after maintenance work.  However, rising Omicron cases didn’t help either. 

At the time of writing, WTI is trading at $78.50 and is flat on the day so far while investors watch closely China’s Omicron spread, as policy could trigger more travel restrictions. 

China is battling to stamp out its first outbreak of the Omicron variant, only weeks before the Chinese new year and the Beijing Winter Olympics, with cases recorded in at least two distant provinces. On Monday, health authorities reported 97 new locally transmitted cases for the preceding 24 hours, across several cities.

At least 30 cases were in Henan province, while at least 31 new cases were reported in Tianjin, including 15 children aged five to 15. Omicron, the latest variant of Covid-19 is tearing through other countries around the world also. Sweden became the latest country to introduce new restrictions to halt the spread of the omicron variant.

Elsewhere, oil could still find support on tighter supplies and supply risk from Russia. There is much focus on security discussions this week between Russia and the West in order to address tension in eastern Ukraine.

Talks took place with the US today (Geneva) and will now move to Brussels for discussions with NATO on Wednesday and subsequently with the OSCE. However, the bar for a 'break-through' is high which is potential support for the price of oil. 


Today last price 78.09
Today Daily Change -0.60
Today Daily Change % -0.76
Today daily open 78.69
Daily SMA20 74.09
Daily SMA50 74.99
Daily SMA100 74.87
Daily SMA200 71.27
Previous Daily High 79.97
Previous Daily Low 78.18
Previous Weekly High 79.97
Previous Weekly Low 74.12
Previous Monthly High 77.26
Previous Monthly Low 62.34
Daily Fibonacci 38.2% 78.86
Daily Fibonacci 61.8% 79.29
Daily Pivot Point S1 77.92
Daily Pivot Point S2 77.15
Daily Pivot Point S3 76.12
Daily Pivot Point R1 79.71
Daily Pivot Point R2 80.74
Daily Pivot Point R3 81.51



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 Join Telegram

Recommended content

Recommended content

Editors’ Picks

EUR/USD holds above 1.0700 after US inflation data

EUR/USD holds above 1.0700 after US inflation data

EUR/USD stays in the lower half of its daily range but continues to trade above 1.0700 in the early American session on Friday. The data from the US showed that the annual Core PCE Price Index declined to 4.9% in April as expected, making it difficult for the dollar to gather strength.


GBP/USD trades above 1.2600 as dollar struggles to find demand

GBP/USD trades above 1.2600 as dollar struggles to find demand

GBP/USD clings to daily gains above 1.2600 and remains on track to end the week in positive territory. The greenback struggles to attract investors after the data from the US showed that PCE inflation softened in April. 


Gold pulls away from daily highs, holds above $1,850

Gold pulls away from daily highs, holds above $1,850

Gold has lost its traction in the second half of the day on Friday and declined toward the $1,850 area. The benchmark 10-year US Treasury bond yield staged a modest rebound on the US PCE inflation data, not allowing XAU/USD to preserve its bullish momentum.

Gold News

Terra’s LUNA 2.0 support expands with Binance and Kraken welcoming the airdrop, here’s how you need to prepare

Terra’s LUNA 2.0 support expands with Binance and Kraken welcoming the airdrop, here’s how you need to prepare

Terra’s LUNA fork proposal has passed with 65.5% votes, Revival Plan 2 in action without algorithmic stablecoin UST. LUNA price could wipe out losses incurred by holders in the colossal crash of LUNC and UST. 

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!