• Western Texas Intermediate is ready for its six-weekly gain.
  • Oil threatens to close above $75.00 for the first time in three months.
  • WTI’s technical outlook looks poised for higher prices.

Western Texas Intermediate (WTI) is advancing during the day, trading at $75.27, recording gains of 0.43% at the time of writing. WTI’s price action for the day has been up and down. However, it is threatening to close above $75.00 for the first time since June of this year, and it would be its sixth weekly gain.

Market sentiment is mixed as US stocks post gains between 0.56% and almost 1%, except for the Nasdaq Composite, barely down 0.02%. The greenback is recording losses for the second consecutive day, as the US Dollar Index is down 0.26%, clinging to 94.02.

Oil’s main driver of the last couple of days it’s the shortage of energy. According to Bloomberg, China ordered state-owned companies to secure energy supplies at all costs, as Beijing struggles with a deep power crisis. When that news hit the wires, WTI’s spiked from around $73.40 to $75.30’s. Further, rising coal and natural gas prices bolstered the prospects for higher crude oil prices. Investors’ focus turns to the OPEC+ meeting to be held the following week on October 4.

WTI Price Forecast: Technical Outlook

Daily chart

Oil is tip-toeing beyond $75.00. A daily close above that level would push prices to test $77.00 for the second time in two weeks. If oil buyers breach that level, a run towards $80.00 is on the books.

On the flip side, failure at $75.00 could pave the way for further losses. The first support would be October 1 low at $74.21. A sustained break of the latter would expose $74.00, followed by $73.12.

The Relative Strength Index is at 65, with little room to spare, in case of another leg up.



Today last price 75.27
Today Daily Change 0.32
Today Daily Change % 0.43
Today daily open 74.95
Daily SMA20 71.44
Daily SMA50 69.7
Daily SMA100 69.88
Daily SMA200 64.3
Previous Daily High 75.9
Previous Daily Low 73
Previous Weekly High 74.15
Previous Weekly Low 69.35
Previous Monthly High 76.51
Previous Monthly Low 67.02
Daily Fibonacci 38.2% 74.79
Daily Fibonacci 61.8% 74.11
Daily Pivot Point S1 73.33
Daily Pivot Point S2 71.71
Daily Pivot Point S3 70.42
Daily Pivot Point R1 76.23
Daily Pivot Point R2 77.52
Daily Pivot Point R3 79.14



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 Join Telegram

Recommended content

Recommended content

Editors’ Picks

EUR/USD turns south towards 1.0150 ahead of EU GDP, Fed minutes

EUR/USD turns south towards 1.0150 ahead of EU GDP, Fed minutes

EUR/USD has come under renewed selling pressure below 1.0200 amid broad risk-aversion. The US dollar rebounds ahead of Fed minutes while the euro awaits Eurozone GDP. The shared currency remains weighed down by recession fears and gas crises.


GBP/USD drops below 1.2100 amid risk-aversion

GBP/USD drops below 1.2100 amid risk-aversion

GBP/USD is falling below 1.2100 in the European session on Wednesday as investors assess the implications of surging UK inflation on the BOE's next policy move. The US dollar finds demand amid souring risk sentiment ahead of US data and Fed minutes. 


Gold’s battle with 50 DMA extends ahead of Fed minutes

Gold’s battle with 50 DMA extends ahead of Fed minutes

Gold price rebounds from weekly lows as the USD resumes correction. US Treasury yields are struggling to find demand ahead of the Fed minutes. XAU/USD needs acceptance above 50 DMA to sustain the recovery.  

Gold News

Solana price hints at a 50% upswing under these specific conditions

Solana price hints at a 50% upswing under these specific conditions

Solana price shows an interesting setup as it tries to overcome a stiff resistance level. The fifth attempt to overcome hurdles will likely be successful due to multiple bullish confluences. Solana price has been on a clear uptrend since producing the June 14 swing low at $25.76.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!