WTI oil consolidates at seven-year highs above $80.00

WTI futures capped at $81.61, remains steady above $80.00.
OPEC forecasts, US stocks weigh on oil prices.

US Oil prices consolidate between $79.45 and $81.60.

Front-month WTI futures have been rejected at $81.61 session high earlier today, and prices have retreated moderately during Thursday’s US trading session. Oil prices, however, remain fairly steady, consolidating at long-term highs, with downside attempts contained above the psychological $80 level.  

OPEC, higher US stocks weigh on oil prices

The rally of the West Texas Intermediate was paused on Wednesday, after climbing above $80. The OPEC+ released a downward revision of its oil demand growth estimations for 2021, which might have eased upside pressure on crude prices.

Furthermore, The US Energy Information Administration (EIA) has reported on Thursday a much higher than expected increment on oil stocks, weighing prices further. Commercial crude oil inventories increased by 6 million barrels in the week of October 8 in the US, according to the EIA, well beyond the 0.7 million build-up anticipated by the market.

WTI prices remain capped below $81.60

Crude prices have remained trading rangebound over the last two days, trapped between $79.40 and $81.60 after peaking above $82.00 last Monday. On the upside, WTI futures need to confirm above the mentioned $81.60 (Oct.12 high) and $82.15 (Oct, 11 high) to set its focus on the $90.00 area (78.6% Fibonacci retracement of the 2014-2016 decline).

On the downside, below the $80.00 (psychological level and $79.45 (Oct. 12, 13 lows) the WTI might lose its upside momentum and extend its reversal towards $78.65 (Oct. 8, 10 lows).

Technical levels to watch


Today last price 80.45
Today Daily Change 0.41
Today Daily Change % 0.51
Today daily open 80.04
Daily SMA20 75.47
Daily SMA50 70.96
Daily SMA100 71.1
Daily SMA200 65.66
Previous Daily High 80.42
Previous Daily Low 78.85
Previous Weekly High 79.74
Previous Weekly Low 74.75
Previous Monthly High 76.51
Previous Monthly Low 67.02
Daily Fibonacci 38.2% 79.82
Daily Fibonacci 61.8% 79.45
Daily Pivot Point S1 79.11
Daily Pivot Point S2 78.19
Daily Pivot Point S3 77.53
Daily Pivot Point R1 80.69
Daily Pivot Point R2 81.35
Daily Pivot Point R3 82.27




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