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




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.

Feed news

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD slides under 1.16 as US Retail Sales smash estimates

EUR/USD is trading under 1.16 after US Retail Sales smashed estimates with 0.7% in September. Treasury yields are rising. The risk-on mood continues to underpin the pair, as the ECB policymaker Wunsch dismisses inflation concerns. 


GBP/USD retreats below 1.3750 after US data

GBP/USD has pared some of its gains after US Retail Sales beat estimates, with the core group hitting 0.8% last month. Earlier, investors shrugged off dovish comments from two BOE members. 


XAU/USD slumps to $1,770 area on upbeat US data, surging US bond yields

Gold started the last day of the week on the back foot and extended its slide to a fresh daily low of $1,770 in the early trading hours of the American session pressured by the dollar's resilience and surging US Treasury bond yields.

Gold News

Crypto bulls on winning streak pushing for more

Bitcoin price favors bulls reaching $60,000 by the end of this week and onwards to new all-time highs by the end of next week. Ethereum price broke a bearish top line and could hit new all-time highs by next week in tandem with Bitcoin. 

Read more

Why is Tesla going up?

Tesla's (TSLA) stock price has finally pushed higher in a series of steady and sure moves. We had nearly given up on our bullish call with Tesla stock as it kept struggling around the $800 level.

Read more