WTI moves in a tight range before monthly reports from oil agencies, hovers around $77.80

WTI price remains silent ahead of monthly market reports from OPEC, IEA, and EIA.
CME FedWatch Tool suggests a 68.9% probability of a rate cut in June.
EIA released that US Crude oil production reached a record-breaking average production of 12.9M bpd.

Akhtar Faruqui FXStreet

West Texas Intermediate (WTI) oil price hovers around $77.80 per barrel during the Asian hours on Tuesday. Crude oil markets remain subdued, awaiting the release of the Consumer Price Index (CPI) data from the United States (US). Expectations are for a modest uptick in February's US inflation figures, although the annual index is forecasted to hold steady.

A strong CPI report would probably diminish the likelihood of an immediate rate cut by the Federal Reserve (Fed), which could in turn bolster the US Dollar (USD) and pose challenges for crude oil prices. According to the CME FedWatch Tool, there has been a slight decrease in the probability of a rate cut in June, now standing at 68.9%.

Market participants are also eagerly anticipating the release of monthly market reports from the Organization of Petroleum Exporting Countries (OPEC), the International Energy Agency (IEA), and the Energy Information Administration (EIA) this week, aiming to assess the global demand outlook.

ANZ analysts noted in a report that "Crude oil remains within a narrow trading range as traders await demand projections from the monthly reports issued by three major oil agencies." While they anticipate these projections to remain largely unchanged, any unexpected upward revisions would alleviate demand concerns.

According to the Energy Information Administration (EIA), US Crude oil production has continued to lead global oil production for the sixth consecutive year, reaching a record-breaking average production of 12.9 million barrels per day (bpd). US Crude oil production surged to a new monthly record high of over 13.3 million bpd in December.

WTI US OIL

Overview
Today last price	77.83
Today Daily Change	-0.01
Today Daily Change %	-0.01
Today daily open	77.84

Trends
Daily SMA20	77.86
Daily SMA50	75.57
Daily SMA100	75.72
Daily SMA200	77.95

Levels
Previous Daily High	78.12
Previous Daily Low	76.5
Previous Weekly High	80.01
Previous Weekly Low	77.18
Previous Monthly High	79.27
Previous Monthly Low	71.46
Daily Fibonacci 38.2%	77.5
Daily Fibonacci 61.8%	77.12
Daily Pivot Point S1	76.86
Daily Pivot Point S2	75.87
Daily Pivot Point S3	75.24
Daily Pivot Point R1	78.47
Daily Pivot Point R2	79.1
Daily Pivot Point R3	80.09

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.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD drops to daily lows near 1.1630

EUR/USD now loses some traction and slips back to the area of daily lows around 1.1630 on the back of a mild bounce in the US Dollar. Fresh US data, including the September PCE inflation numbers and the latest read on December consumer sentiment, didn’t really move the needle, so the pair is still on course to finish the week with a respectable gain.

GBP/USD trims gains, recedes toward 1.3320

GBP/USD is struggling to keep its daily advance, coming under fresh pressure and retreating to the 1.3320 zone following a mild bullish attempt in the Greenback. Even though US consumer sentiment surprised to the upside, the US Dollar isn’t getting much love, as traders are far more interested in what the Fed will say next week.

Gold makes a U-turn, back to $4,200

Gold is now losing the grip and receding to the key $4,200 region per troy ounce following some signs of life in the Greenback and a marked bounce in US Treasury yields across the board. The positive outlook for the precious metal, however, remains underpinned by steady bets for extra easing by the Fed.