WTI hovers around $78.00 after EIA's forecast of optimistic global demand

WTI may appreciate as the US Energy Information Administration anticipates optimistic global demand.
EIA increased world Oil demand growth forecast to 1.10 million barrels per day in 2024.
Oil prices struggled due to the Fed's hawkish stance on monetary policy.

Akhtar Faruqui FXStreet

West Texas Intermediate (WTI) Oil price hovers around $77.90 per barrel during Asian trading hours on Wednesday. Crude Oil prices may rise due to optimistic global demand forecasts from the US Energy Information Administration (EIA).

According to Reuters, the EIA increased its 2024 world Oil demand growth forecast to 1.10 million barrels per day (bpd) from the previous estimate of 900,000 bpd. Additionally, the Organization of the Petroleum Exporting Countries (OPEC) maintained its 2024 forecast for robust growth in global Oil demand, citing expectations for increased travel and tourism in the second half of the year.

Analysts at the energy consulting firm Gelber and Associates noted, "Futures are higher as expectations of summer demand are supportive of prices despite the broader macro landscape remaining less optimistic than weeks previous," per Reuters.

A strong US jobs report from the previous week has reinforced the Federal Reserve's hawkish stance on monetary policy. The Fed is expected to maintain higher borrowing costs for an extended period, which could slow economic growth and reduce demand for Oil. Investors await the Federal Reserve's (Fed) policy decision, along with the US inflation figures for May on Wednesday.

WTI US OIL

Overview
Today last price	77.9
Today Daily Change	0.05
Today Daily Change %	0.06
Today daily open	77.85

Trends
Daily SMA20	77.27
Daily SMA50	80.18
Daily SMA100	79.2
Daily SMA200	79.31

Levels
Previous Daily High	78.04
Previous Daily Low	76.92
Previous Weekly High	77.36
Previous Weekly Low	72.46
Previous Monthly High	81.25
Previous Monthly Low	76.04
Daily Fibonacci 38.2%	77.34
Daily Fibonacci 61.8%	77.61
Daily Pivot Point S1	77.17
Daily Pivot Point S2	76.48
Daily Pivot Point S3	76.05
Daily Pivot Point R1	78.29
Daily Pivot Point R2	78.72
Daily Pivot Point R3	79.41

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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