WTI erases its Monday’s gains, back below $77.00 – by christianborjon Oil WTI Energy DollarIndex Fed
ge , and dropped towards the lows of the week around 75.97 before settling around the current price. At the time of typing, WTI is losing 0.94%, trading at 76.64 per barrel.The strong US Dollar narrative is hitting the commodities market. During the last week, Federal Reserve officials continued their hawkish rhetoric while data supported some of their comments. Traders should remember that although Cleveland and St.
Aside from this, China’s reopening is a factor playing into WTI’s price, and capped oil prices fall in Tuesday’s session. Russia’s announced that it plans to cut production by 500,000 bpd or about 5% of its output in March as retaliation to the West imposing price caps on Russian oil and oil-related products.
Data-wise, US oil inventories and data, which were to be released on Tuesday, was postponed in observance of President’s Day and moved to Wednesday and Thursday.From a technical perspective, WTI is still neutral to downward biased, capped by all the Exponential Moving Averages resting above oil’s price. In addition, the Relative Strength Index is in bearish territory and is aiming downwards. The Rate of Change , albeit steadily, shows that sellers continue gaining momentum.
Hence, WTI’s first support would be $75.97. Once cleared, the oil price would tumble to the last week’s low at $75.36, followed by the MTD low at $72.30.
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