• WTI is recovering from falling 5% on Wednesday due to a risk-off impulse.
  • OPEC: The week’s fall is blamed on sentiment shifting sour on turbulence in the financial market.
  • The market sentiment improved on Swiss authorities supporting Credit Suisse.

Western Texas Intermediate (WTI), the US crude oil benchmark, gains traction after dropping to a 15-month-low at around 65.72, sponsored by a risk-on impulse. The Wall Street Journal (WSJ) reported that major banks in the US are stepping in to help First Republic Bank, an action cheered by US equities and oil prices. WTI is trading at 68.25, above its opening price by 0.03%.

Saudi Arabia and Russia’s discussion capped WTI’s fall

Additionally to the abovementioned factors, WTI is underpinned by reports that Saudi Arabia and Russia met to discuss enhancing market stability. Saudi’s energy minister Prince Abdulaziz bin Salman and Russian deputy prime minister Alexander Novak met in the Saudi capital to discuss the OPEC+ group’s efforts to maintain market balance.

Delegates from the Organization of Petroleum Exporting Countries (OPEC) and its allies told Reuters that “this week’s slide in oil prices to be driven by financial fears, not any imbalance between demand and supply, and expects the market to stabilize.”

WTI fell due to the turbulence in the financial markets. Swiss authorities backing up Credit Suisse (CS) and US Treasury Secretary Janet Yellen assuring lawmakers that the US banking system remained sound were a tailwind for WTI.

This week, OPEC and the International Energy Agency (IEA) have both predicted an increase in oil demand, but the market is still being affected by concerns about excess supply.

The IEA commented that stockpiles in developed countries hit an 18-month high, while Russian output stayed around familiar levels in February.

WTI Technical levels

WTI US OIL

Overview
Today last price 69.17
Today Daily Change 0.76
Today Daily Change % 1.11
Today daily open 68.41
 
Trends
Daily SMA20 76.24
Daily SMA50 77.5
Daily SMA100 79
Daily SMA200 86.09
 
Levels
Previous Daily High 72.69
Previous Daily Low 65.81
Previous Weekly High 80.99
Previous Weekly Low 74.89
Previous Monthly High 80.75
Previous Monthly Low 72.5
Daily Fibonacci 38.2% 68.44
Daily Fibonacci 61.8% 70.06
Daily Pivot Point S1 65.25
Daily Pivot Point S2 62.09
Daily Pivot Point S3 58.37
Daily Pivot Point R1 72.13
Daily Pivot Point R2 75.85
Daily Pivot Point R3 79.01

 

 

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