WTI challenges 2-day lows in the sub-$72.00 mark

Prices of the WTI gives away further ground and retest the area below the $72.00 mark per barrel on Friday. WTI now looks to the $74.00 mark Crude oil  |  17/09/2021 14:22
  • WTI corrects lower and breaches the $72.00 yardstick on Friday.
  • The dollar looks unchanged near recent tops.
  • Crude oil keeps targeting the $74.00 mark and above.

Prices of the WTI gives away further ground and retest the area below the $72.00 mark per barrel on Friday.

WTI now looks to the $74.00 mark

Crude oil prices trade on the defensive as traders cash up part of the recent strong gains and the dollar returns to the area of recent peaks when gauged by the US Dollar Index.

The sharp rally in the West Texas Intermediate, in the meantime, has been fueled by prospects of higher demand in the next year by both the EIA and the IEA in past sessions in combination with supply concerns stemming from the pass of Hurricane Ida.

Collaborating with the upbeat note around the commodity came another strong drop in weekly US crude oil supplies, as per reports by the API and the EIA on Tuesday and Wednesday, respectively.

Later on Friday, driller Baker Hughes will release its weekly report on US oil rig count, closing the weekly calendar.

WTI significant levels

At the moment the barrel of WTI is losing 1.72% at $71.72 and a breach of $69.86 (55-day SMA) would aim for $67.17 (monthly low Sep.1) and then $65.27 (low Aug.9). On the upside, the next hurdle is located at $73.11 (monthly high Sep.15) followed by $ $74.21 (high Jul.30) and $75.47 (high Jul.13).

Share

Popular News

Show More Popular News

Market Insight's Views

Market Insight analyses will provide both fundamental and technical comprehensions on FX
and other asset classes for Market Insight viewers

RISK WARNING

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

  • ForexF
  • IndicesI
  • CommoditiesC
        Back

        Login to Market Insight Account

        Your Market Insight account gives you access to the tools that we offer our customers including our
        Technical Studies & Sentiment for your accounts.

        Forgot Password?

        Don't you have a Market Insight account? With a few easy steps you can easily register to Market Insight

        Create a Market Insight's Account

        Your Market Insight account gives you access to the tools that we offer our customers including our Technical Studies & Sentiment for your accounts.

        register_ty

        Thank you!

        Welcome to Market Insight family!

        You have succesfully completed the registration.
        We will send you an e-mail to give you some
        instructions and our Terms and Conditions!
        Our account representatives will be contacting you as
        soon as possible. If you have any further questions
        please do not hesitate to mail us via info@marketinsight.com