WTI retreats from fresh one-month high

West Texas Intermediate traded as high as $123.66 a barrel before retreating.
The sour tone of equities undermines demand for black gold.
The OPEC+ downwardly revised Russian oil output for the year.

FXStreet Team FXStreet

Crude oil prices are in retreat mode after reaching fresh three-month highs. The barrel of West Texas Intermediate hit an intraday high of $123.66, now trading at around $119.38. The initial rally came after the OPEC+ reported that it produced a total of 28.5 million barrels per day in May, down by 176K bpd compared to April.

The organism´s Monthly Oil Market Report also showed that members expect demand to keep rising, while downwardly revised Russian liquids output forecast by 250K bpd, which means they expect the country’s production to contract by 170 bpd on the year. Additionally, OPEC is hopeful that the Chinese decision to lift lockdown measures should increase imports from the country.

The commodity turned south with Wall Street’s opening, as US indexes extend their bearish route amid fears of a US recession and ahead of the US Federal Reserve monetary policy decision. The central bank has been widely anticipated to hike the benchmark rate by 50 bps, although the latest inflation figures pushed market players to lift their bets, now anticipating a 75 bps hike.

WTI US OIL

Overview
Today last price	116.4
Today Daily Change	-2.17
Today Daily Change %	-1.83
Today daily open	118.57

Trends
Daily SMA20	114.2
Daily SMA50	107.37
Daily SMA100	102.5
Daily SMA200	89.42

Levels
Previous Daily High	119.85
Previous Daily Low	115.16
Previous Weekly High	121.36
Previous Weekly Low	115.69
Previous Monthly High	118.66
Previous Monthly Low	97.21
Daily Fibonacci 38.2%	118.05
Daily Fibonacci 61.8%	116.95
Daily Pivot Point S1	115.87
Daily Pivot Point S2	113.17
Daily Pivot Point S3	111.18
Daily Pivot Point R1	120.56
Daily Pivot Point R2	122.55
Daily Pivot Point R3	125.25

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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