WTI sees minor recovery for Tuesday as supply constraints remain a concern, Crude Oil trying to reclaim $88.50

WTI looking to reclaim $88.50 as energies see mild recovery.
Crude oil got crushed last week after broad-market risk-off flows sent investors piling into the US Dollar.
US Dollar Index's ten-month high sent crude barrels into a three-week low.

Joshua Gibson FXStreet

West Texas Intermediary (WTI) Crude Oil barrel prices staged a mild rally to recover the $88.50 level after finishing a week-long plunge into three-week lows as broad-market risk aversion sent market participants fleeing into safe havens.

US Crude Oil prices stretched to ten-month peaks as global oil production is set to undersupply global demand.

Earlier reports of a resumption of an Iraqi oil pipeline got cold water splashed on them after Turkey stated that talks about resuming construction are still underway. A critical Iraqi oil-exporting pipeline running through Turkey is still sitting in the dark after almost six months of work stoppage on the project.

Energies traders will be awaiting the US' API Weekly Crude Oil Stocks update for the week into September 29th due late in the Tuesday trading session. US crude reserves were last shown down 1.586M barrels as global production flubs crude demand by nearly 2 million bpd.

WTI technical levels

WTI crude barrel prices are looking for a recovery after getting kicked down nearly 7.5% from the last peak just pennies shy of the $94.00 handle.

Last week's top end represents a ten-month high for WTI, and US crude oil has closed higher for four consecutive trading weeks.

Technical support on the daily candles is coming from the 34-day Exponential Moving Average just north of $86.00, and medium-term bullish momentum for WTI prices sees bids well above the 200-day Simple Moving Average (SMA) currently turning bullish into $78.00.

WTI daily chart

WTI technical levels

WTI US OIL

Overview
Today last price	88.43
Today Daily Change	0.63
Today Daily Change %	0.72
Today daily open	87.8

Trends
Daily SMA20	89.05
Daily SMA50	84.29
Daily SMA100	78.17
Daily SMA200	77.33

Levels
Previous Daily High	90.88
Previous Daily Low	87.64
Previous Weekly High	93.98
Previous Weekly Low	87.74
Previous Monthly High	93.98
Previous Monthly Low	83.09
Daily Fibonacci 38.2%	88.88
Daily Fibonacci 61.8%	89.64
Daily Pivot Point S1	86.66
Daily Pivot Point S2	85.53
Daily Pivot Point S3	83.42
Daily Pivot Point R1	89.91
Daily Pivot Point R2	92.02
Daily Pivot Point R3	93.16

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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