WTI holds in $72.70s, down on the day as fundas weigh


  • WTI is in consolidation following a series of news events that have pressured crude prices.
  • A combination of risk-off and industry data sees crude lower by over 1%.

West Texas Intermediate, WTI, crude oil is down on the day by some 1.28% after the United States reported inflation in April fell for a tenth straight month. A separate industry-related report also showed US inventories are on the rise. WTI has traveled between a high of $73.83 and a low of $71.86bbls.

Firstly, the US Consumer Price index climbed by 4.9% on an annualized basis in April, under the consensus forecast for a 5% rise, helping to lift spirits in financial markets initially. Core inflation, which excludes volatile food and fuel prices rose 5.5% from 5.6%, matching estimates. However, there was a bout of risk-off that came through late r in the day as the data shows that inflation is still well above the Federal Reserve's target.

´´Increasingly, we expect the Federal Reserve will have to balance risks between sticky inflation, and slowing growth momentum / tighter financial conditions. We continue to expect the move last week to be the last one this cycle, leaving the Fed on hold until later this year,´´ analysts at RBC Economics argued. 

In other news, the United States suspended further sales from its Strategic Petroleum Reserve, and Crude oil inventories for the current week showed a build of 2.951M versus -0.917M draw. 

WTI US OIL

Overview
Today last price 72.65
Today Daily Change -0.82
Today Daily Change % -1.12
Today daily open 73.47
 
Trends
Daily SMA20 76.33
Daily SMA50 75.51
Daily SMA100 76.76
Daily SMA200 80.77
 
Levels
Previous Daily High 73.71
Previous Daily Low 71.3
Previous Weekly High 76.61
Previous Weekly Low 64.31
Previous Monthly High 83.4
Previous Monthly Low 73.88
Daily Fibonacci 38.2% 72.79
Daily Fibonacci 61.8% 72.22
Daily Pivot Point S1 71.94
Daily Pivot Point S2 70.42
Daily Pivot Point S3 69.53
Daily Pivot Point R1 74.35
Daily Pivot Point R2 75.24
Daily Pivot Point R3 76.77

 

 

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