WTI Climbs Further Beyond $81.00/barrel Mark, Hits Fresh YTD Peak Amid Supply Concerns

Wti Crude Oil Illustration — Stock Photo, Image

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West Texas Intermediate (WTI) US Crude Oil prices build on last week's strong gains of nearly 4% and gain some follow-through positive traction on Monday. The momentum lifts the black liquid to the $81.45-$81.50 area, or the highest level since November 2023 during the early part of the European session and is sponsored by worries about tightening supply.

Against the backdrop of disruptions caused by Houthi attacks in the Red Sea, Ukraine stepped up drone strikes on Russian oil refineries over the last week. Moreover, Israeli Prime Minister Benjamin Netanyahu confirmed on Sunday he will proceed with plans to push into Gaza's Rafah enclave. This comes after OPEC+ members decided to extend the production cuts of 2.2 million barrels per day through the second quarter and fueled concerns about a tight global supply, which, in turn, is seen acting as a tailwind for Crude Oil prices.

It, however, remains to be seen if bulls can maintain their dominant position or opt to take some profits off the table amid expectations that the Federal Reserve (Fed) will keep interest rates higher for longer, which might hamper economic activity and dent fuel demand. Nevertheless, the aforementioned fundamental backdrop favours bullish traders and suggests that the path of least resistance for Crude Oil prices remains to the upside. Hence, any meaningful corrective pullback might be seen as a buying opportunity and remain limited.

 

WTI US OIL

OVERVIEW
Today last price 81.47
Today Daily Change 0.90
Today Daily Change % 1.12
Today daily open 80.57

 

TRENDS
Daily SMA20 78.28
Daily SMA50 76.13
Daily SMA100 75.54
Daily SMA200 78.12

 

LEVELS
Previous Daily High 80.88
Previous Daily Low 80.01
Previous Weekly High 81.05
Previous Weekly Low 76.5
Previous Monthly High 79.27
Previous Monthly Low 71.46
Daily Fibonacci 38.2% 80.55
Daily Fibonacci 61.8% 80.34
Daily Pivot Point S1 80.09
Daily Pivot Point S2 79.61
Daily Pivot Point S3 79.21
Daily Pivot Point R1 80.97
Daily Pivot Point R2 81.36
Daily Pivot Point R3 81.84

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