WTI flirts with weekly trough, remains depressed below mid-$80.00s

WTI drifts lower for the third straight day amid hopes for a ceasefire in Gaza.
Expectations for tightening global supply should help limit any further losses.
The fundamental backdrop warrants caution for aggressive bearish traders.

Haresh Menghani FXStreet

West Texas Intermediate (WTI) US Crude Oil prices remain under some selling pressure for the third successive day on Friday and trades near the weekly low, around the $80.30 region during the Asian session.

US Secretary of State Antony Blinken said that gaps are narrowing in the ongoing talks aimed at reaching a ceasefire in Gaza and the release of hostages, easing concerns about supply disruptions in the Middle East. This, along with some follow-through US Dollar (USD) buying, bolstered by the optimistic US economic outlook, turn out to be key factors exerting downward pressure on USD-denominated commodities, including Crude Oil prices. The downside, however, seems cushioned in the wake of worries about tightening global supply.

Ukrainian drone strikes on Russian oil refineries could lead to lower fuel production by the latter. This comes on top of the OPEC+ members' decision to extend the production cuts of 2.2 million barrels per day through the second quarter and the International Energy Agency's upward revision of the 2024 oil demand growth. Furthermore, a stronger US economy and a potential recovery in China add to expectations of tighter supplies. This could act as a tailwind for Crude Oil prices and warrants some caution for bearish traders.

WTI US OIL

Overview
Today last price	80.37
Today Daily Change	-0.36
Today Daily Change %	-0.45
Today daily open	80.73

Trends
Daily SMA20	79.05
Daily SMA50	76.93
Daily SMA100	75.54
Daily SMA200	78.37

Levels
Previous Daily High	81.81
Previous Daily Low	80.24
Previous Weekly High	81.05
Previous Weekly Low	76.5
Previous Monthly High	79.27
Previous Monthly Low	71.46
Daily Fibonacci 38.2%	80.84
Daily Fibonacci 61.8%	81.21
Daily Pivot Point S1	80.05
Daily Pivot Point S2	79.36
Daily Pivot Point S3	78.47
Daily Pivot Point R1	81.62
Daily Pivot Point R2	82.5
Daily Pivot Point R3	83.19

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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