WTI consolidates Thursday’s slide below $71 mark

WTI sellers take a breather after the two-day heavy sell-off.
DXY on track for the best week in nine months.
The downside to be capped by upbeat oil demand outlook.

Dhwani Mehta FXStreet

WTI (futures on Nymex) is wavering in a narrow range on the $70 level so far this Friday, having faced rejection at the $71 threshold.

At the time of writing, the US oil posts small losses near 70.69, looking to record the third straight weekly rise.

The black gold extends its corrective downside from two-and-a-half year highs of $72.99, although strengthening demand outlook for oil is likely to keep the pullback short-lived.

Meanwhile, the persistent US dollar’s strength after the Fed turned hawkish and signalld sooner-than-expected rate hikes, keeping the upside attempted limited in the USD-sensitive oil. The dollar is set to record the best week in nine months, currently holding near two-month highs.

Further, progress in the nuclear talks between Iran and the US also undermines the sentiment around oil. Earlier this week, Iran announced that it has reached a broad agreement with the US over the lifting of the energy sanctions.

WTI technical levels to consider

WTI

Overview
Today last price	70.69
Today Daily Change	-0.33
Today Daily Change %	-0.47
Today daily open	70.76

Trends
Daily SMA20	68.55
Daily SMA50	65.5
Daily SMA100	62.91
Daily SMA200	53.51

Levels
Previous Daily High	72.09
Previous Daily Low	69.56
Previous Weekly High	70.93
Previous Weekly Low	68.35
Previous Monthly High	67.42
Previous Monthly Low	61.53
Daily Fibonacci 38.2%	70.52
Daily Fibonacci 61.8%	71.12
Daily Pivot Point S1	69.51
Daily Pivot Point S2	68.26
Daily Pivot Point S3	66.97
Daily Pivot Point R1	72.05
Daily Pivot Point R2	73.34
Daily Pivot Point R3	74.59

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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