• WTI holds the head high following the biggest daily gains in three weeks.
  • US dollar weakness, risk-on mood favored bulls to retake controls.
  • US Energy Department may keep oil reserves intact, Russia offers measured relief to gas crisis.
  • US policymakers vote on debt limit extension, September jobs report eyed as well

WTI crude oil takes rounds to $78.50 following the heaviest daily jump since mid-June. That being said, the black drop 0.08%, flashing $78.51 by the press time of Friday’s Asian session.

The energy benchmark cheered upbeat market sentiment and headlines from the US Energy Department to reverse the pullback from November 2014 peak marked earlier. However, the recently cautious mood, due to the US Congress voting on debt ceiling extension, as well as pre-NFP anxiety, question the oil buyers.

The US Energy Department announcement suggesting no consideration to release crude oil from the national strategic reserves seems to keep the supply crunch on the table, favoring the commodity prices. On the same line was the US Dollar Index (DXY) pullback, sidelined around 94.20 by the press time, amid mixed clues ahead of the key data/events.

Alternatively, Russian readiness to ease the gas crisis joins the fed tapering concerns to challenge the WTI bulls. On the same line were comments from the Iraqi Oil Minister who cited $75-$80 as fair price, as well as the Fed tapering woes amid firmer US jobs report and reflation worries.

Amid these plays, US Treasury yields jumped to the four-month high while Wall Street marked another positive day by the end of Thursday.

Looking forward, the US debt ceiling vote, China’s return after a week-long holiday and the US jobs report for September will be important for the near-term direction.

Read: US Nonfarm Payrolls September Preview: How far will markets go when the Fed tapers?

Technical analysis

Tops marked since July, around $76.50-40 defend WTI bulls targeting the latest high surrounding $79.55 and the $80.00 psychological magnet.

Additional important levels

Overview
Today last price 78.48
Today Daily Change 1.76
Today Daily Change % 2.29%
Today daily open 76.72
 
Trends
Daily SMA20 73.12
Daily SMA50 70.11
Daily SMA100 70.36
Daily SMA200 64.88
 
Levels
Previous Daily High 79.53
Previous Daily Low 76.6
Previous Weekly High 76.51
Previous Weekly Low 73
Previous Monthly High 76.51
Previous Monthly Low 67.02
Daily Fibonacci 38.2% 77.72
Daily Fibonacci 61.8% 78.41
Daily Pivot Point S1 75.7
Daily Pivot Point S2 74.69
Daily Pivot Point S3 72.77
Daily Pivot Point R1 78.63
Daily Pivot Point R2 80.55
Daily Pivot Point R3 81.56

 

 

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