WTI retreats from daily highs, looks to settle above $56

Heightened geopolitical tensions in Middle East drive oil prices higher.
IEA says they stand ready to supply the market if needed.

Eren Sengezer FXStreet

Crude oil's sharp fall came to an end on Friday after Iran's Revolutionary Guards announced that they have captured a British-flagged oil tanker in the Gulf to revive concerns over possible supply disruptions. The barrel of West Texas Intermediate extended its rebound on Monday and tested the $57 mark before losing its traction in the second half of the day. As of writing, the WTI is up 1.04% on a daily basis at $56.30.

Responding to the conflict in the Middle East, the International Energy Agency (IEA) said that they are closely monitoring the developments in the Strait of Hormuz and they are ready to act if needed. "Emergency stocks are large enough to cover any disruptions in oil supply from Strait of Hormuz for an extended period," the IEA said to force crude oil to reverse its direction.

Meanwhile, reports of the force majeure on Libya's Sharara oilfield ending today put additional pressure on the commodity.

Markets will be closely watching the developments in the Middle East. Additionally, weekly API and EIA stock reports from the U.S. will be looked upon for fresh catalysts as well.

WTI

Overview
Today last price	56.36
Today Daily Change	0.13
Today Daily Change %	0.23
Today daily open	56.23

Trends
Daily SMA20	58.19
Daily SMA50	57.41
Daily SMA100	59.43
Daily SMA200	56.96

Levels
Previous Daily High	56.49
Previous Daily Low	55.14
Previous Weekly High	60.98
Previous Weekly Low	54.87
Previous Monthly High	59.93
Previous Monthly Low	50.72
Daily Fibonacci 38.2%	55.97
Daily Fibonacci 61.8%	55.66
Daily Pivot Point S1	55.42
Daily Pivot Point S2	54.6
Daily Pivot Point S3	54.07
Daily Pivot Point R1	56.77
Daily Pivot Point R2	57.3
Daily Pivot Point R3	58.12

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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