WTI up as Putin bans oil supply

FXStreet Team FXStreet

Crude oil prices are up on Tuesday, helped by the ruling optimism that pushes most stock markets into the green. Easing Chinese covid-related restrictions, as the local government puts the focus on economic growth, boosted sentiment. Still some news agencies report that the Chinese health system is stressed amid the exponential number of new cases. Nevertheless, a good mood prevails.

Oil is finding additional support from Russian news, as President Vladimir Putin signed a decree that bans the sale of Russian oil to countries that imposed the oil price cap. It will run from February 1 to July 1. There are reports softening the headline and noting that it does not necessarily imply oil exports to the countries that have formal bans.

At the time being, West Texas Intermediate trades at $80.69 a barrel, its highest since December 5, easing from an intraday high of $81.18.

WTI US OIL

Overview
Today last price	80.83
Today Daily Change	1.46
Today Daily Change %	1.84
Today daily open	79.37

Trends
Daily SMA20	76.65
Daily SMA50	81.42
Daily SMA100	84.19
Daily SMA200	94.37

Levels
Previous Daily High	79.37
Previous Daily Low	79.37
Previous Weekly High	80.29
Previous Weekly Low	74.04
Previous Monthly High	92.92
Previous Monthly Low	73.66
Daily Fibonacci 38.2%	79.37
Daily Fibonacci 61.8%	79.37
Daily Pivot Point S1	79.37
Daily Pivot Point S2	79.37
Daily Pivot Point S3	79.37
Daily Pivot Point R1	79.37
Daily Pivot Point R2	79.37
Daily Pivot Point R3	79.37

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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