WTI Price Analysis: Crude oil bounces from fresh 2023 lows

Financial turmoil weighs on investors’ mood and drags black gold lower.
WTI bounced modestly after posting a fresh 2023 low of $65.22 a barrel.

FXStreet Team FXStreet

The barrel of West Texas Intermediate fell to $65.22 on Friday, its lowest since November 2022. It currently trades at around $67.30 a barrel, breaking lower amid financial turmoil weighing on the market mood.

The banking crisis triggered by Silicon Valley Bank (SVB) and Signature Bank last week escalated, with Credit Suisse under siege after its top shareholder ruled out providing financial assistance to the company. Stock markets collapsed despite authorities’ efforts to ensure the banking sector was strong enough to bare with the situation.

Nevertheless, concerns remained after SVB officially announced its bankruptcy on Friday, while yet another bank came under scrutiny, First Republic. European and US indexes trade in the red and are poised to finish the week in negative territory.

WTI, in the meantime, is down for a fifth consecutive day, with daily technical readings hinting at continued declines ahead. Once below the aforementioned low, the slump could extend to $62.41, December 2021 monthly low. A break below the latter will likely attract speculative buying, with $60.00 acting as a major psychological barrier. The black gold is currently finding sellers at around $70.00, with gains above the level unlikely to prosper.

WTI US OIL

Overview
Today last price	66.97
Today Daily Change	-1.46
Today Daily Change %	-2.13
Today daily open	68.43

Trends
Daily SMA20	75.74
Daily SMA50	77.39
Daily SMA100	78.81
Daily SMA200	85.84

Levels
Previous Daily High	69.53
Previous Daily Low	65.9
Previous Weekly High	80.99
Previous Weekly Low	74.89
Previous Monthly High	80.75
Previous Monthly Low	72.5
Daily Fibonacci 38.2%	68.14
Daily Fibonacci 61.8%	67.28
Daily Pivot Point S1	66.38
Daily Pivot Point S2	64.32
Daily Pivot Point S3	62.74
Daily Pivot Point R1	70.01
Daily Pivot Point R2	71.58
Daily Pivot Point R3	73.64

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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