• WTI recaptures $82, as the broad US dollar weakness underpins.
  • Concerns over China’s covid surge, falling oil imports and SPR sales threaten the rebound.
  • US Retail Sales and China news eyed for fresh trading impetus.

WTI (NYMEX futures) is inching closer towards two-month highs of $82.47 reached earlier this week, staging an impressive comeback from a drop to just under $81 area.

The ongoing downbeat momentum in the US dollar is seemingly boding well for the black gold. Although it could turn out to be a ‘sell the rally’ trading in the US oil amid looming risks from the world’s second-largest oil consumer.

Markets are bracing for an imminent release of crude reserves from China. Reuters reported earlier on, China plans to release its strategic petroleum reserves (SPR) around the Lunar New Year holiday as part of a plan coordinated by the US with other major consumers to stem the price rise.

The latest Customs data showing that China posted its first annual drop in crude oil shipments in two decades in 2021 could likely weigh on the sentiment around WTI.

Additionally, the Chinese authorities have asked people not to travel during the Lunar New Year holiday break, in an effort to contain the Omicron covid variant contagion. Investors believe the Chinese restrictions could dent the demand for fuel, which could render oil-negative.

The focus now shifts towards the US weekly rigs count and Retail Sales data due to be released later this Friday for fresh trading opportunities in WTI.  

WTI: Technical levels to consider


Today last price 82.25
Today Daily Change 1.18
Today Daily Change % 1.46
Today daily open 81.03
Daily SMA20 75.97
Daily SMA50 74.96
Daily SMA100 75.41
Daily SMA200 71.69
Previous Daily High 82.32
Previous Daily Low 80.93
Previous Weekly High 79.97
Previous Weekly Low 74.12
Previous Monthly High 77.26
Previous Monthly Low 62.34
Daily Fibonacci 38.2% 81.46
Daily Fibonacci 61.8% 81.79
Daily Pivot Point S1 80.53
Daily Pivot Point S2 80.04
Daily Pivot Point S3 79.15
Daily Pivot Point R1 81.92
Daily Pivot Point R2 82.81
Daily Pivot Point R3 83.31



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 extends slide toward mid-1.0200s after US data

EUR/USD extends slide toward mid-1.0200s after US data

EUR/USD continues to decline toward 1.0250 during the American trading hours on Friday. After the data published by the UOM showed that the long-run inflation outlook rose to 3% in August from 2.9% in July, the dollar gathered strength against its rivals, weighing on the pair.


GBP/USD pushes lower 1.2100 on broad dollar strength

GBP/USD pushes lower 1.2100 on broad dollar strength

GBP/USD is trading deep in negative territory near 1.2100 during the American session on Friday. With the UoM's Consumer Sentiment Survey pointing to a modest increase in the long-run inflation outlook, the US Dollar Index extended its rally, reflecting a broad dollar strength.


Gold clings to modest gains above $1,790

Gold clings to modest gains above $1,790

Gold stays relatively resilient on Friday and trades modestly higher on the day above $1,790. Although the greenback continues to outperform its rivals on the latest US data, falling US Treasury bond yields help XAU/USD hold in positive territory.

Gold News

Shiba Inu ready to go ballistic: Shiba Eternity released in Vietnam

Shiba Inu ready to go ballistic: Shiba Eternity released in Vietnam

Shytoshi Kusama, the project leader of Shiba Inu announced the launch of Shiba Eternity for Vietnamese players. The game is available for testing and the team has asked users for their review. 

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!