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

 

 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD extends sideways grind below 1.0900

EUR/USD extends sideways grind below 1.0900

EUR/USD stays in a consolidation phase below 1.0900 following the previous week's rally. In the absence of high-tier data releases, the US Dollar stays resilient against its rivals as investors scrutinize comments from central bank officials. 

EUR/USD News

Gold retreated from record highs, maintains the upward bias

Gold retreated from record highs, maintains the upward bias

Gold rose sharply at the beginning of the week on escalating geopolitical tensions and touched a new all-time high of $2,450. With market mood improving modestly, XAU/USD erases a majority of its daily gains but manages to hold above $2,400.

Gold News

GBP/USD holds steady near 1.2700, in an uneventful US session

GBP/USD holds steady near 1.2700, in an uneventful US session

GBP/USD fluctuates in a narrow channel near 1.2700 on the first trading day of the week. The cautious market stance helps the US Dollar hold its ground while central bank officials fail to trigger some action ahead of this week's key events.

GBP/USD News

Ripple stays above $0.50 on Monday as firm backs research on blockchain and quantum computing

Ripple stays above $0.50 on Monday as firm backs research on blockchain and quantum computing

XRP price holds steady above the $0.50 key support level and edges higher on Monday, trading at 0.5130 and rising 0.70% in the day at the time of writing.

Read more

Week ahead: Nvidia results and UK CPI falling back to target

Week ahead: Nvidia results and UK CPI falling back to target

What a week for investors. The Dow Jones reached a record high and closed last week above 40,000, for the first time ever. This is a major bullish signal even though gains for global stocks were fairly modest on Friday, and European stocks closed lower. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures