WTI plummets to fresh six-day low below $70

WTI suffers heavy losses for the second straight day on Thursday.
Broad-based USD strength seems to be dragging crude oil prices lower.
Lack of progress in Iran nuclear talks further weighs on WTI.

Eren Sengezer FXStreet

After reaching its highest level since October 2018 at $72.96 on Wednesday, the barrel of West Texas Intermediate (WTI) made a sharp U-turn and snapped a four-day winning streak, losing more than 1%.

Although WTI stayed relatively quiet around $72 during the European trading hours, it came under renewed bearish pressure and dropped to its lowest level in nearly a week at $69.75 before rebounding modestly. As of writing, WTI is trading at 1.72% on the day at $70.45

DXY rally remains intact

The broad-based USD strength following the hawkish shift witnessed in the FOMC's Summary of Projections seems to be the main market theme in the second half of the week. Currently, the US Dollar Index (DXY) is trading at its highest level in more than two months at 91.90, rising 0.55% on a daily basis.

Meanwhile, investors remain cautious about Iran and the US coming to an agreement on nuclear talks that could lead to the lifting of sanctions on oil exports ahead of the upcoming election in Iran on Friday.

Technical levels to watch for

WTI

Overview
Today last price	70.33
Today Daily Change	-1.13
Today Daily Change %	-1.58
Today daily open	71.46

Trends
Daily SMA20	68.11
Daily SMA50	65.28
Daily SMA100	62.73
Daily SMA200	53.35

Levels
Previous Daily High	72.74
Previous Daily Low	71.43
Previous Weekly High	70.93
Previous Weekly Low	68.35
Previous Monthly High	67.42
Previous Monthly Low	61.53
Daily Fibonacci 38.2%	71.93
Daily Fibonacci 61.8%	72.24
Daily Pivot Point S1	71.01
Daily Pivot Point S2	70.56
Daily Pivot Point S3	69.7
Daily Pivot Point R1	72.33
Daily Pivot Point R2	73.19
Daily Pivot Point R3	73.64

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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