WTI Price Analysis: WTI rises near $83.00 amid supply crunch fears

WTI rose near the $82.90 zone, setting a three-day winning streak.
Supply crunch fears amid the Hurracain Idalia tractions Oil prices.
A stronger USD and the fragile Chinese situation may limit the upside.

Patricio Martín FXStreet

The West Texas Intermediate (WTI) rose on Wednesday and threatened the $83.00 resistance.

What is driving the price upwards is Hurricane Idalia approaching the Gulf of Mexico, where the US concentrates 15% of its Oil production and supply crunch fears are increasing crude prices. In addition, the report of lower-than-expected US crude stockpiles released on Tuesday and the continuing manoeuvres by OPEC+ to extend its voluntary production cuts also contributes to the upside.

Moreover, China reported soft economic data during the Asian session, with the Non-Manufacturing PMI decreasing to 51.00, vs. the 51.1 expected, and the weak Chinese outlook may limit the black gold’s gains. In line with that, the USD is trading strong against most of its rivals, which could also hold back the WTI bulls.

WTI Levels to watch

Analysing the daily chart, it is apparent that the WTI has a neutral to bullish technical stance, with the bulls gradually recovering ground. The Relative Strength Index (RSI) has a positive slope above its midline, while the Moving Average Convergence (MACD) lays out decreasing red bars. Moreover, the pair is above the 20,100,200-day Simple Moving Average (SMA), implying that the bulls retain control on a broader scale.

Support levels: $81.25, $80.00, $78.50.

Resistance levels: $83.00, $83.50, $84.50.

WTI Daily Chart

WTI US OIL

Overview
Today last price	82.76
Today Daily Change	1.28
Today Daily Change %	1.57
Today daily open	81.48

Trends
Daily SMA20	80.91
Daily SMA50	77.14
Daily SMA100	75.1
Daily SMA200	75.97

Levels
Previous Daily High	81.82
Previous Daily Low	80.68
Previous Weekly High	81.68
Previous Weekly Low	77.53
Previous Monthly High	81.78
Previous Monthly Low	69.77
Daily Fibonacci 38.2%	81.38
Daily Fibonacci 61.8%	81.11
Daily Pivot Point S1	80.83
Daily Pivot Point S2	80.19
Daily Pivot Point S3	79.7
Daily Pivot Point R1	81.97
Daily Pivot Point R2	82.46
Daily Pivot Point R3	83.11

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

British Pound eases to 1.3450 area following downwardly revised Manufacturing PMI data

The British Pound is trimming previous gains against the US Dollar on Monday, returning to the mid-range of the 1.3400s down from fresh seven-week highs, above 1.3500 earlier on the day. Weaker-than-expected UK manufacturing data added pressure on the Pound, which rallied at the Asian session opening, amid news of a halt to the hostilities in Iran.

EUR/USD consolidates previous week's gains above 1.1500

EUR/USD struggles to build on the previous week's impressive gains but manages to hold comfortably above 1.1500 on Monday. The USD loses traction and helps the pair hold its ground following US President Trump's call off an attack on Iran and that talks between the two sides would happen on Monday. Traders will closely monitor the developments surrounding US-Iran negotiations and US ISM PMI data.

Gold extends range play below $4,100 as focus remains on Middle East

Gold struggles to capitalize on its weekly bullish gap and remains below the $4,100 mark in the second half of the day. The US Dollar stages a modest recovery from its lowest level since June 17, which is seen capping the upside for the commodity. The upside for the USD, however, seems limited amid renewed hopes for a US-Iran peace deal and receding US Fed rate-hike expectations.

Week ahead: US payrolls report and AI earnings to keep investors on edge

After the Fed decision, NFP report awaited for more rate hike clues. Employment also on the agenda in Canada and New Zealand. Chinese trade and Japanese wage data to be watched too. But Iran and AI headlines to remain in driver’s seat for risk sentiment.

Solana risks a steeper decline below $70 despite steady ETF inflows

Solana (SOL) is trading in the red, losing bullish momentum and remaining capped below its 50-day Exponential Moving Average at $75.68. SOL-focused Exchange Traded Funds show resilience with a monthly inflow of $14.62 million in July, while the near-term retail support wanes with the funding rate turning negative.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.