gtag('config', 'G-0PFHD683JR');
Crypto Trends

Raw foam of the vinyl and its release is located near 65.00 dollars, with the weekly losses above 12 %

  • WTI crude oil reports on the largest weekly loss since March 2023.
  • OPEC is preparing to increase the offer by 411,000 barrels per day in July, which reduces the show concerns
  • WTI is still backed by a psychological level of $ 64.00, but reduce tensions in the maximum Middle East.

Crude oil in West Texas (WTI) has decreased sharply since it reached 76.44 dollars on Monday, with prices fell by more than $ 10.00 a barrel this week.

With losses during the past five sessions, which exceeds 12 %, this represents the largest weekly decrease since March 2023.

At the time of writing this report, WTI trades less than $ 65.00 a barrel, while pressing prices by achieving profits and a significant transformation in geopolitical morale.

The ceasefire in Israel is Iran, while OPEC is preparing to increase the offer in July

Fears of disrupting a possible offer in the gathering hormonal strait that paid WTI were led near $ 77.00. However, with tensions in cheering in the Middle East and Israel stops Iran, these concerns have been largely abandoned.
According to the Reuters report, quoting Goldman Sachs options data, the market now is only 4 % probability of disturbance in the offer, pushing traders to the price of WTI in the range of $ 69 to $ 69 for the coming months.

Basically, while Energy Information Administration (EIA) reported a greater decrease in US stocks on Wednesday, the effect of this data was limited.
The Organization of Petroleum Exporting Countries (OPEC) is expected to increase production by 411,000 barrels per day in July. As a result, merchants remain cautious about chasing prices higher, especially in the total environment where the demand signals remain mixed.

Wti crude oil: technical view

From a technical perspective, WTI found support near an alternative to 38.2 % Vibonacci for a decrease in January to April at $ 64.18.
Immediate support is now $ 64.00, with openness to the possibility of a 50 -day simple moving average test (SMA) at $ 63.35.
As long as the supply fears remain huge, the upward momentum appears limited, as SMA provides for 100 days short -term resistance about $ 65.45.

Wti crude oil daily chart

Above this it sits with a 50 % decline at $ 67.08, followed by SMA for 200 days at $ 68.29.
The RSI (RSI) index traces slightly less than the 50 neutral sign, currently at 46, indicating a slight bias.

WTI oil questions and answers

WTI Oil is a type of crude oil that is sold in international markets. West texas intermedition, which is one of three main types including Brent and raw Dubai. WTI is also referred to as “light” and “sweet” due to its low attractiveness and sulfur content, respectively. High quality oil is easily improved. It is obtained in the United States and is distributed through the Kushing Center, which is considered “the world lines lines in the world”. It is a standard for the oil market, and the price of WTI is frequently transferred in the media.

Like all assets, the supply and demand are the main engines of the oil price in WTI. As such, global growth can be a driver to increase demand and vice versa for a weak global growth. Political instability, wars and sanctions can disrupt supply and influence prices. OPEC decisions, a group of main oil -producing countries, is another major drive. The value of the US dollar affects the price of crude oil in WTI, given that the oil is often traded in the US dollar, and therefore the weakest US dollar can make oil more affordable and vice versa.

The weekly oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) affect the price of WTI oil. The changes in stocks reflect fluctuations and demand. If the data shows a decrease in stocks, it can indicate an increase in demand, which increases the price of oil. Top stocks can reflect the increase in supply, which leads to low prices. The API report is published every Tuesday and effect evaluation operations the next day. Its results are usually similar, as it falls within 1 % of each other 75 % of the time. Environmental impact evaluation data is more reliable, as it is a government agency.

OPEC (the Organization of Petroleum Exporting Countries) is a group of 12 oil -producing countries that collectively decide production classes for member countries in meetings twice annually. Their decisions often affect the prices of WTI oil. When Opec decides to reduce the shares, it can tighten the supply, which increases oil prices. When OPEC increases production, it has an opposite effect. OPEC+ refers to an expanded group of ten additional members without OPEC, most notably Russia.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button