Crude Oil Finds Buyers on Dips | WTI

WTI crude oil prices remain on the front foot at around $91.45, up 1.30% intraday while consolidating the first weekly loss in nine during Monday’s Asian session.

Although fears among the energy bulls could be spotted as the key catalyst for the black gold’s first weekly loss in multiple weeks, geopolitical noise surrounding Russia and Ukraine joins the OPEC+ supply concerns to keep WTI buyers hopeful. It’s worth noting that the Fed’s rate hike chatters and inflation woes add to the upside filters of the energy prices.

That said, Ukraine and the West continue to suggest an imminent Russian military attack on Ukraine. However, Moscow rejects the claims. Recently, a Reuters’ witness said, “Explosion was heard in the center of the rebel-held city of Donetsk in eastern Ukraine.” It’s worth noting that a diplomatic meeting between US Secretary of State Antony Blinken and Russian Foreign Minister Sergei Lavrov can provide a ray of hope to witness a de-escalation of the geopolitical fears and hence the WTI bulls take a cautious approach ahead of the key meeting outcome.

Elsewhere, the OPEC+, a group of the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, struggle to match the output hike promises. Recently, OPEC President Bruno Jean-Richard Itoua mentioned that the oil supply is not now enough and blamed oil companies for not investing enough. "OPEC+ should stick to its current agreement to add 400,000 barrels of oil per day each month to output, ministers of Arab oil-producing countries said on Sunday as they gathered in Saudi Arabia, rejecting calls to pump more to ease pressure on prices," said Reuters.

Alternatively, fears of the Fed’s faster rate hikes and inflation woes challenge oil traders at multi-month highs. On the same line is the latest risk-off mood, portrayed by downbeat US Treasury yields and stock futures .

WTI crude oil traders will keep their eyes on the Russia-Ukraine developments for fresh impulse ahead of the key US-Russia meeting late in the week. Should the tension de-escalate, the odds of witnessing a sharp pullback in the oil prices can’t be ruled out.

Technical analysis:
The 21-DMA precedes a monthly support line, respectively around $89.10 and $87.95, to limit WTI pullback. However, firmer RSI and ability to stay beyond key supports, not to forget strong fundamentals, keep oil buyers hopeful to renew 2022 high, currently around $94.00.

- WTI bulls keep reins despite snapping an eight-week uptrend.
- US highlights possibilities of imminent Russian invasion, Moscow rejects claims.
- DXY fails to cheer risk-off mood amid downbeat yields.
- Fedspeak, PBOC rate decision may offer immediate catalysts, PMIs, US PCE Inflation will be crucial.

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| Review and analysis by Samadi.Finance |
Comment: Today last price 91.41
Today Daily Change 1.17
Today Daily Change % 1.30%
Today daily open 90.24
Daily SMA20 88.62
Daily SMA50 81.67
Daily SMA100 79.72
Daily SMA200 74.85
Previous Daily High 90.88
Previous Daily Low 87.29
Previous Weekly High 94.02
Previous Weekly Low 87.29
Previous Monthly High 88.22
Previous Monthly Low 74.12
Daily Fibonacci 38.2% 89.51
Daily Fibonacci 61.8% 88.66
Daily Pivot Point S1 88.06
Daily Pivot Point S2 85.89
Daily Pivot Point S3 84.48
Daily Pivot Point R1 91.65
Daily Pivot Point R2 93.06
Daily Pivot Point R3 95.23


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