WTI remains pressured below $72.00 on steady USD, sour risk sentiment


  • WTI kickstarts the fresh trading week on a lower note.
  • Coronavirus jitters and demand-supply worries weigh on WTI.
  • Higher US dollar valuations continue to  exert pressure at the higher level.

Crude oil prices extend the previous week’s submissive moves on Tuesday. The prices opened higher but failed to preserve the momentum. At the time of writing, WTI is trading at $71.51, down 0.40% for the day.

The appreciative move in the US Dollar Index (DXY), which indicates the performance of the greenback against six major rivals, keeps the gain limited for the black gold for the time being. The US dollar was last seen trading at 93.22, up 0.33% for the day.

Crude oil prices are being pressurized amid the uncertainty regarding US and China trade negotiations and relations. 

Meanwhile, as per Iraq’s oil minister, OPEC and its allies will try to keep oil prices at $70 per barrel in the Q1 of 2022. Furthermore, the group is expected to stick to its current production agreement in its October meeting but on the condition of price stability. Additionally, the tropical storm Nicholas did not hurt Texas refineries, which allowed companies to fix the infrastructure as they recover from Hurricane Ida.

In the previous week, WTI touched a six-week high near $73.20 on a drop in US crude stockpiles, supply-chain disruptions and the prospects of higher demand on better-than-expected economic data in US and China.

As for now, the US dollar dynamics continue to influence WTI prices.

WTI additional levels

 

Overview
Today last price 71.47
Today Daily Change -0.32
Today Daily Change % -0.45
Today daily open 71.79
 
Trends
Daily SMA20 69.1
Daily SMA50 69.27
Daily SMA100 69.14
Daily SMA200 63.16
 
Levels
Previous Daily High 72.47
Previous Daily Low 71.01
Previous Weekly High 72.88
Previous Weekly Low 69.3
Previous Monthly High 73.54
Previous Monthly Low 61.73
Daily Fibonacci 38.2% 71.57
Daily Fibonacci 61.8% 71.91
Daily Pivot Point S1 71.04
Daily Pivot Point S2 70.3
Daily Pivot Point S3 69.58
Daily Pivot Point R1 72.5
Daily Pivot Point R2 73.22
Daily Pivot Point R3 73.96

 

 

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