

Market Analysis
West Texas Intermediate (WTI), the leading benchmark for US crude oil, is currently trading near $80.50 on Monday, showing slight gains amidst ongoing geopolitical tensions in the Middle East and expectations of increased summer oil demand.
Investor concerns are heightened over potential broader conflict in the Middle East, which could disrupt oil flows from the region, thereby supporting WTI prices. UN Secretary-General's recent comments underscore the gravity of tensions, warning of dire consequences if hostilities escalate between Israel and Hezbollah. Additionally, Anadolu news agency reported casualties from Israeli airstrikes in Gaza City, adding to regional instability.
Moreover, optimism persists regarding a seasonal rise in fuel demand for cooling and travel during the summer months, bolstering WTI prices. JPMorgan's latest data indicating a 1.4 million barrels per day increase in global oil demand for June, driven by robust travel activity in Europe and Asia, further supports this view.
Conversely, the strengthening US Dollar following positive US S&P PMI data for June and the Federal Reserve's hawkish stance are likely to provide additional support to oil prices. Fed officials have emphasized the need for continued progress on inflation before considering any easing of monetary policy, reinforcing expectations of prolonged higher interest rates that could potentially temper economic growth and oil consumption.
WTI US OIL
OVERVIEW | |
---|---|
Today last price | 80.48 |
Today Daily Change | 0.04 |
Today Daily Change % | 0.05 |
Today daily open | 80.44 |
TRENDS | |
---|---|
Daily SMA20 | 77.8 |
Daily SMA50 | 79.23 |
Daily SMA100 | 79.47 |
Daily SMA200 | 78.99 |
LEVELS | |
---|---|
Previous Daily High | 81.62 |
Previous Daily Low | 80.21 |
Previous Weekly High | 81.62 |
Previous Weekly Low | 77.56 |
Previous Monthly High | 81.25 |
Previous Monthly Low | 76.04 |
Daily Fibonacci 38.2% | 80.75 |
Daily Fibonacci 61.8% | 81.08 |
Daily Pivot Point S1 | 79.89 |
Daily Pivot Point S2 | 79.34 |
Daily Pivot Point S3 | 78.47 |
Daily Pivot Point R1 | 81.3 |
Daily Pivot Point R2 | 82.17 |
Daily Pivot Point R3 | 82.72 |
Paraphrasing text from "FX Street" all rights reserved by the original author.