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WTI DWINDLES BETWEEN HIGH RATES AND THIGHT SUPPLY

BLACKBULL:WTI   West Texas Intermediate Crude Oil cash
WTI remains indecisive. On one hand traders are suspecting continuous increase of the interest rates, after Fed decision in Wednesday. On the other hand, the further escalation by Russia of the war in Ukraine and the thread by the Nigerian oil minister Timipre Marlin Sylva that OPEC+ will decrease production if prices keep falling, are creating fear of tightened supply.

All technical indicators are suggesting downtrend for WTI price, with MACD histogram being below the 0 line and RSI being below the neutral 50 line.

If price keeps falling, it might test its most recent low at 80.9, but if the trend reverses, it might test its resistance at 89.7 or even the one at 97.2

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