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|
|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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