WTI renews multi-day high past-$90.00 as tensions mount over Russia-Ukraine war

WTI rises to a fresh high since September 2014.
Markets remain panicked as Western leaders signal immediate fears of Russia invasion of Ukraine, Putting terms it ‘provocative speculation'.
Rebound in yields, stock futures test buyers amid a quiet session, light calendar.

Anil Panchal FXStreet

WTI crude oil prices remain firmer around $93.00, up 0.85% intraday after refreshing the multi-day peak during Monday’s Asian session. That said, the black gold rose to the fresh high since September 2021 while flashing a $93.17 level before a few minutes.

Comments from US President Joe Biden raised concerns of an imminent military attack by Russia over Ukraine. Not only the US but the UK and Eurozone leaders also flashed worrisome signals for the much-debated geopolitical event.

It’s worth noting, however, that Russian President Vladimir Putin termed any such claims as ‘provocative speculation’, per AFP News. However, market players seemed to not believe in Putin’s comments as Bloomberg said, “Standoff with Russia over Ukraine heads into most tense week yet.”

Amid these plays, the US 10-year Treasury yields lick their wounds around 1.95%, after shedding over 11 basis points (bps) the previous day. Further, the S&P 500 Futures print mild gains by the press time.

It’s worth noting that the recent indecision over the Fed’s rate hike and cautious optimism also underpins oil prices. Additionally, the OPEC+ members’ inability to match the production hike targets amid geopolitical concerns also favors the oil buyers.

Looking forward, WTI crude oil prices are likely depending upon heading concerning Russia invasion and Fed-rate-hike with weekly inventories and FOMC minutes will be the key data/events to watch for intermediate moves.

Technical analysis

An upward sloping trend line from July 2021, near $93.60, guards the immediate upside of WTI crude oil prices amid overbought RSI conditions. The pullback moves, however, remain elusive until staying beyond a six-week-old support line near $89.70.

Additional important lelvels

Overview
Today last price	92.69
Today Daily Change	0.48
Today Daily Change %	0.52%
Today daily open	92.21

Trends
Daily SMA20	87.16
Daily SMA50	79.73
Daily SMA100	78.94
Daily SMA200	74.21

Levels
Previous Daily High	93
Previous Daily Low	87.99
Previous Weekly High	93
Previous Weekly Low	87.44
Previous Monthly High	88.22
Previous Monthly Low	74.12
Daily Fibonacci 38.2%	91.09
Daily Fibonacci 61.8%	89.9
Daily Pivot Point S1	89.13
Daily Pivot Point S2	86.06
Daily Pivot Point S3	84.12
Daily Pivot Point R1	94.15
Daily Pivot Point R2	96.08
Daily Pivot Point R3	99.16

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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