WTI Price Analysis: Crude Oil sits at its lowest for the year

Europe and the G-7 started applying a price cap to oil prices, crude plunged.
EU Commission President Von der Leyen anticipated more sanctions ahead.
WTI trades near a weekly low of $71.11 a barrel, the lowest since December 2021.

FXStreet Team FXStreet

The barrel of West Texas Intermediate Crude Oil plummeted this week and trades at levels that were last seen in December 2021. The black gold stands just above $70 a barrel, after peaking at $81.71 a barrel on Monday. The weekly drop came after the European Council, alongside the G-7, agreed on a price cap on Russian oil applicable as of December 5.

EU cap on Russian oil

“The price cap on Russian oil will limit price surges driven by extraordinary market conditions and drastically reduce the revenues Russia has earned from oil after it unleashed its illegal war of aggression against Ukraine. It will also serve to stabilise global energy prices while mitigating adverse consequences on energy supply to third countries,” reads the European Commission press release from December 3.

It is worth adding that, despite not directly referring to oil prices, European Commission President Ursula von der Leyen announced she will propose a ninth package of sanctions against Russia.

WTI US OIL

Overview
Today last price	72.51
Today Daily Change	0.93
Today Daily Change %	1.30
Today daily open	71.58

Trends
Daily SMA20	79.61
Daily SMA50	83.83
Daily SMA100	86.23
Daily SMA200	96.15

Levels
Previous Daily High	75.25
Previous Daily Low	71.23
Previous Weekly High	83.3
Previous Weekly Low	73.66
Previous Monthly High	92.92
Previous Monthly Low	73.66
Daily Fibonacci 38.2%	72.76
Daily Fibonacci 61.8%	73.71
Daily Pivot Point S1	70.12
Daily Pivot Point S2	68.67
Daily Pivot Point S3	66.11
Daily Pivot Point R1	74.14
Daily Pivot Point R2	76.7
Daily Pivot Point R3	78.16

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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