WTI Remains Above $77.50 Due To Improved Risk Appetite
Photo by Timothy Newman on Unsplash
- WTI Oil price attempts to extend its gains due to a recovery in overall market risk sentiment.
- University of Michigan's 5-year Consumer Inflation Expectations for May eased slightly, bolstering expectations regarding the Fed’s rate cuts.
- Iran will increase its Oil output from 3.6 million to 4 million barrels per day.
West Texas Intermediate (WTI) crude Oil price inches higher due to a recovery in overall market risk appetite, likely driven by investors' anticipation of a rate cut from the Federal Reserve (Fed) in September. WTI price trades around $77.70 per barrel during the Asian session on Monday.
On Friday, the University of Michigan's 5-year Consumer Inflation Expectations for May eased slightly to 3.0%, down from the forecasted 3.1%. This decline in inflation expectations is bolstering investor sentiment regarding potential rate cuts by the Fed.
However, Fed officials tempered expectations for rate cuts last week, issuing cautionary statements that the central bank still requires more evidence that inflation will eventually decline to its target of 2% annual price growth. Prolonged elevated interest rates are negatively impacting the US economic outlook and reducing Oil demand.
Reuters reported on Sunday, citing Iran’s Tasnim news agency, that an economic council led by Iran's interim president Mohammad Mokhber has approved a plan to increase the country's Oil output from 3.6 million barrels per day (bpd) to 4 million bpd.
Additionally, Saudi Arabia is preparing for a multi-billion-dollar share sale in energy giant Aramco, aiming to raise around $10 billion as early as June. This would be one of the region's largest stock deals, with shares listed in Riyadh in a fully marketed offering rather than an accelerated sale over a few days.
WTI US OIL
OVERVIEW | |
---|---|
Today last price | 77.74 |
Today Daily Change | 0.07 |
Today Daily Change % | 0.09 |
Today daily open | 77.67 |
TRENDS | |
---|---|
Daily SMA20 | 78.72 |
Daily SMA50 | 81.47 |
Daily SMA100 | 78.73 |
Daily SMA200 | 79.58 |
LEVELS | |
---|---|
Previous Daily High | 77.89 |
Previous Daily Low | 76.04 |
Previous Weekly High | 80.06 |
Previous Weekly Low | 76.04 |
Previous Monthly High | 87.12 |
Previous Monthly Low | 80.62 |
Daily Fibonacci 38.2% | 77.18 |
Daily Fibonacci 61.8% | 76.75 |
Daily Pivot Point S1 | 76.51 |
Daily Pivot Point S2 | 75.34 |
Daily Pivot Point S3 | 74.65 |
Daily Pivot Point R1 | 78.37 |
Daily Pivot Point R2 | 79.06 |
Daily Pivot Point R3 | 80.23 |
More By This Author:
USD/CAD Falls Toward 1.3700 As US Dollar Offers Gains Ahead Of Economic DataAustralian Dollar Extends Losses Due To Risk Aversion After Stronger US PMI
EUR/USD Remains Above 1.0800 Ahead Of Eurozone PMI
Disclosure: Information on this article contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes ...
more