WTI extends the recovery above $71 amid risk appetite, Iran delay

WTI recapture $71, as the upside extends above the 200-DMA.
Iran crude supply delay and easing Omicron fears lift the black gold.
US API data and covid updates in focus for fresh trading impulse.

Dhwani Mehta FXStreet

WTI (NYMEX futures) is sitting at six-day highs above $71, helped by the improving risk appetite amid easing fears over the impact of the new Omicron covid variant on the economic growth.

Global scientists have downplayed the effects of the new variant, as being mild. The risk-on market profile is boding well for the higher-yielding black gold.

Another factor supporting oil prices is the delay in crude oil supplies from Iran after talks to revive the Iran nuclear deal stalled on Friday. Talks will continue, officials from Iran and Europe said, with the negotiations expected to resume in the middle of next week in Vienna.

Also, recapturing the critical 200-Daily Moving Average (DMA) at $69.94 has provided the much-needed boost to WTI bulls.

The focus now shifts towards the US weekly crude stockpiles data due to be released by the American Petroleum Institute (API) later this Tuesday. However, the risk trends will continue to remain the main market motor.

WTI: Technical levels to consider

WTI

Overview
Today last price	71.05
Today Daily Change	1.30
Today Daily Change %	1.87
Today daily open	69.7

Trends
Daily SMA20	74.84
Daily SMA50	78.04
Daily SMA100	73.71
Daily SMA200	69.89

Levels
Previous Daily High	70.02
Previous Daily Low	66.17
Previous Weekly High	72.75
Previous Weekly Low	62.34
Previous Monthly High	83.97
Previous Monthly Low	64.32
Daily Fibonacci 38.2%	68.55
Daily Fibonacci 61.8%	67.64
Daily Pivot Point S1	67.24
Daily Pivot Point S2	64.78
Daily Pivot Point S3	63.39
Daily Pivot Point R1	71.09
Daily Pivot Point R2	72.48
Daily Pivot Point R3	74.94

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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