- WTI crude oil fades bounce off two-week low amid mixed catalysts.
- OPEC Secretary General, Aramco Official signal upbeat Oil demand.
- Mixed concerns about Russian fears to energy supplies put a floor under the black gold price.
- Fears about China’s economic slowdown, higher rates challenge energy buyers.
WTI crude oil remains depressed around the intraday low, mildly offered near $69.45 by the press time of the mid-Asian session on Monday, as the energy market flashes mixed signals.
That said, hopes of more Oil demand and supply crunch, backed by OPEC and Russia catalysts, contrast with the fears of slower economic growth in the world’s biggest commodity user China.
Recently, Haitham Al Ghais, the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), raised hopes of higher Oil demand while saying, “OPEC sees global oil demand rising to 110mn barrels per day (bpd) by 2045.” On the same line were comments from Saudi Aramco CEO Amin Nasser who said, “Oil markets fundamentals remain generally sound for the rest of the year.”
Previously, headlines suggesting the geopolitical turmoil surrounding Russia and hopes of China stimulus allowed the Oil price to keep the rebound from the lowest level in two weeks, marked the previous day.
However, news suggesting that the global rating giant S&P cut China’s Gross Domestic Product (GDP) growth forecasts for 2023 to 5.2% from 5.5% previous estimations weigh on the Oil price. On the same line are concerns suggesting major investors’ pause in China investment, hawkish comments from the Fed officials and comparatively upbeat US data.
Amid these plays, the US Dollar Index (DXY) remains pressured around the intraday low of 102.70, paring the biggest weekly gain in four, whereas the S&P500 Futures print mild gains.
Moving on, headlines surrounding China and Russia may entertain Oil traders but major attention will be given to the US inflation and central bankers’ speeches at the European Central Bank (ECB) Forum, as well as the US Bank Stress Tests.
Friday’s bullish Doji candlestick challenges WTI Crude Oil sellers unless the quote slips beneath the one-month-old horizontal support zone near $67.00.
Additional important levels
|Today last price||69.42|
|Today Daily Change||-0.16|
|Today Daily Change %||-0.23%|
|Today daily open||69.58|
|Previous Daily High||69.65|
|Previous Daily Low||67.41|
|Previous Weekly High||72.7|
|Previous Weekly Low||67.41|
|Previous Monthly High||76.61|
|Previous Monthly Low||64.31|
|Daily Fibonacci 38.2%||68.79|
|Daily Fibonacci 61.8%||68.26|
|Daily Pivot Point S1||68.11|
|Daily Pivot Point S2||66.63|
|Daily Pivot Point S3||65.86|
|Daily Pivot Point R1||70.35|
|Daily Pivot Point R2||71.13|
|Daily Pivot Point R3||72.6|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.