- WTI remains supported when the rebels attacks in the Red Sea escalate.
- The EIA report reveals a surprising assembly in American supplies, but geopolitical risks compensate for increased offers.
- The WTI rorova oil remains supported by $ 65.00 support, as the resistance applies to a 200 -day gliding average above $ 68.00.
Rorová WTI oil is traded on Wednesday, because the Red Sea attacks are overshadowed by news of a growing offer.
The US Information Information Administration (EIA) has published its weekly report on the inventory that revealed that supplies have increased by 7.07 million barrels over the last week. Expectations were for the last report showing drawing 2 million barrels.
An unexpected increase in supplies led to a slight pullback in the West Texas Intermediate (WTI) oil oil before recovering to trade over $ 67.00 at the time of writing.
It is expected on the weekend of oil export countries (OPEC) and its allies (OPEC+) that it will increase production by 548,000 barrels per day (BPD) in August.
Between April and July, production from OPEC+ members has increased by 1.37 million barrels a day. Despite the additional offer, however, geopolitical risks, especially in the Middle East, reduced the thrust with a disadvantage.
Red -sea attacks and rising risky bonuses support higher oil prices
Houthi Rebels launched a coordinated attack on Greek bulky carriers Magic Sea on Sundayforce the crew to leave the ship before the ship sank. The attacks were intensified on Monday, when drones and speed boats targeted Flagged, a Greek ship, eternity C. Several crew members were killed or disappeared and the ship sank on Wednesday.
As a result, risky oil bonuses have increased, which supports higher prices.
Wti raw head oil towards 200 days SMA, which provides resistance over $ 68.00
West Texas Intermediate (WTI) raw material is traded around $ 67.54 and holds just above 50% Fibonacci The level of retraction level of January-Duba decreases to $ 67.08, which acts as immediate support.
The price faces resistance near the 200 -day simple gliding diameter (SMA) to $ 68.16, with a break over this level potentially prepares the way to move towards 61.8% Fibonacci to $ 69.98.
On the other hand, the support is strengthened by a 100 -day SMA for $ 65.02 and a 50 -day SMA for $ 64.07, which is in accordance with 38.2% retractions for $ 64.18 and creates a strong technical floor.
Wti raw Oil Daily chart
Mobility indicators are mixed. The relative force index (RSI) is reading slightly above the neutral level at 54, while the commodity channel index (CCI) is slightly negative, reflecting caution between bulls. Despite bear pressure from growing stocks and an increased OPEC+offer, geopolitical risks in the Middle East help maintain prices supported near key technical levels.
Wti oil faqs
WTI oil is a type of oil sold in international markets. WTI means Intermediate West Texas, one of the three main types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” due to its relatively low gravity and sulfur content. It is considered to be high quality oil that is easy to improve. It is originally in the United States and distributed through Cushing Hub, which is considered a “gas junction of the world”. It is a scale for the oil market and the price of WTI is often quoted in the media.
Like all assets, supply and demand are key WTI oil drivers. As such, global growth of the driving force of increased demand and, conversely, for weak global growth. Political instability, wars and sanctions can disrupt bid and impact prices. OPEC decisions, groups of main oil -producing countries are another key drive engine price. The value of the US dollar affects the price of WTI oil, because oil is mainly traded in US dollars, so the weaker US dollar can make oil more affordable and vice versa.
Weekly reports on oil supplies published by American Petroleum Institute (API) and Energy Information Agency (EIA) affect the price of WTI oil. Changes in stock reflect the fluctuating supply and demand. If the data shows a decrease in stocks, it may indicate increased demand and push the price of the oil. Higher stocks can reflect increased offers and push prices. The API report is published every Tuesday and EIA is the day after. Their results are usually similar and fall to 1% apart 75% of the time. EIA data are considered more reliable because it is a government agency.
OPEC (oil -exporting organization) is a group of 12 oil producing countries that together decide on production quotas for Member States twice a year. Their decisions often affect WTI oil prices. When OPEC decides to reduce quotas, it can tighten supply and increase oil prices. When OPEC increases production, it has the opposite effect. OPEC+ concerns a widespread group that includes ten other members outside OPEC, the most important of which is Russia.
