WTI Pullback On Surprising US Inventory Build, Strong USD
Western Texas Intermediate (WTI), the US crude oil, trims some of its daily gains spurred by a build on US oil inventories amid expectations for a drop. This and the latest US inflation report in the United States (US) boosted the Greenback (USD), a headwind for US dollar-denominated assets. WTI is trading at $87.80, down 0.33%.
WTI retreated amid unexpected surge in US inventories, rising US Dollar
The latest US crude oil inventories showed an increase of 4 million barrels last week, crushing estimates gathered by a Reuters poll for a 1.9 million barrel contraction, in data revealed by the US Energy Information Administration (EIA). Additional data showed that fuel demand dropped as the summer driving period in the US ended in the September 4 Labor Day Holiday.
The latest inflation report in the US showed headline inflation rose by 3.7% YoY in August, above estimates propelled by a 10.6% increase in retail gasoline prices. Contrarily, excluding volatile items like food and energy, inflation slowed from 4.7% to 4.3% YoY.
Oil prices had remained underpinned by Saudi Arabia and Russia’s voluntary oil production cut as both countries slashed 1.3 million barrels from the market.
WTI Price Analysis: Technical outlook
After rising to a 10-month high, WTI retraced below the September 12 daily close of $88.18 per barrel. A daily close below that level could pave the way for a pullback toward the top of an ascending-triangle top-trendline turned support at $87.23 before slumping to the $87.00 figure. A breach of the latter will expose the September 8 daily low of $85.65, ahead of slumping below the $85.00 figure. Conversely, WTI’s first resistance would be the $88.00 figure before cracking the YTD high of $88.99.
WTI US OIL
| OVERVIEW | |
|---|---|
| Today last price | 88.02 |
| Today Daily Change | -0.16 |
| Today Daily Change % | -0.18 |
| Today daily open | 88.18 |
| TRENDS | |
|---|---|
| Daily SMA20 | 82.71 |
| Daily SMA50 | 80.09 |
| Daily SMA100 | 75.7 |
| Daily SMA200 | 76.31 |
| LEVELS | |
|---|---|
| Previous Daily High | 88.74 |
| Previous Daily Low | 86.65 |
| Previous Weekly High | 87.56 |
| Previous Weekly Low | 84.58 |
| Previous Monthly High | 84.32 |
| Previous Monthly Low | 77.53 |
| Daily Fibonacci 38.2% | 87.94 |
| Daily Fibonacci 61.8% | 87.45 |
| Daily Pivot Point S1 | 86.98 |
| Daily Pivot Point S2 | 85.77 |
| Daily Pivot Point S3 | 84.89 |
| Daily Pivot Point R1 | 89.06 |
| Daily Pivot Point R2 | 89.94 |
| Daily Pivot Point R3 | 91.15 |
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