WTI challenges 2-day lows in the sub-$72.00 mark


  • WTI corrects lower and breaches the $72.00 yardstick on Friday.
  • The dollar looks unchanged near recent tops.
  • Crude oil keeps targeting the $74.00 mark and above.

Prices of the WTI gives away further ground and retest the area below the $72.00 mark per barrel on Friday.

WTI now looks to the $74.00 mark

Crude oil prices trade on the defensive as traders cash up part of the recent strong gains and the dollar returns to the area of recent peaks when gauged by the US Dollar Index.

The sharp rally in the West Texas Intermediate, in the meantime, has been fueled by prospects of higher demand in the next year by both the EIA and the IEA in past sessions in combination with supply concerns stemming from the pass of Hurricane Ida.

Collaborating with the upbeat note around the commodity came another strong drop in weekly US crude oil supplies, as per reports by the API and the EIA on Tuesday and Wednesday, respectively.

Later on Friday, driller Baker Hughes will release its weekly report on US oil rig count, closing the weekly calendar.

WTI significant levels

At the moment the barrel of WTI is losing 1.72% at $71.72 and a breach of $69.86 (55-day SMA) would aim for $67.17 (monthly low Sep.1) and then $65.27 (low Aug.9). On the upside, the next hurdle is located at $73.11 (monthly high Sep.15) followed by $ $74.21 (high Jul.30) and $75.47 (high Jul.13).

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: Bulls step in at month-end, eyeing the upside

EUR/USD is set to close off a bearish week towards a test of 1.11 the figure after breaking out of the bearish weekly wedge to the downside. Bulls have an eye on the weekly M-formation and prospects of a significant correction. 

EUR/USD News

GBP/USD slumps toward 1.3350, renews five-week lows

GBP/USD stays under constant bearish pressure on Thursday and trades at its lowest level since late December below 1.3370. Following the upbeat growth data from the US, the US Dollar Index is rising more than 0.7% on the day above 97.00. 

GBP/USD News

Gold licks wounds at three-week low near $1,800 amid firmer USD

Gold bears take a breather around $1,797 as Friday’s Asian session begins, following a $50 slump in the last two consecutive days to a three-week low. The yellow metal awaits fresh clues after piercing the $1,800 threshold the previous day.

Gold News

Bitcoin struggles against resistance as bulls keep their eye on $40,000

Bitcoin price action faced intense selling pressure after the Fed’s decision, with Bitcoin losing more than 5% from its Wednesday high. If the sell-off from the top wasn’t discouraging enough for bulls, then the daily close in the red certainly added insult to injury.

Read more

Apple (AAPL) Earnings for Q1 beats estimates on EPS and revenue

Apple (AAPL) reported earnings after the close on Thursday. Earnings per share (EPS) came in at $2.10 versus the estimate of $1.89. Revenue was $123.9 billion versus the estimate for $118.66 billion. AAPL is trading at $162.40 in Thursday's aftermarket, a change of 2% versus the regular session close of $159.16.

Read more

Forex MAJORS

Cryptocurrencies

Signatures