Despite a weak US dollar, WTI is hovering around $73.60.
Friday’s trading session was a mixed bag for oil prices as economic data from the US painted a confusing picture. The Western Texas Intermediate (WTI) benchmark, which is used to price U.S. crude oil, hovered around $73.70 and ended the day almost flat despite global recession concerns weighing on prices and the US Dollar weakening sharply due to conflicting economic reports released throughout the day.
The ISM Services PMI fell below estimates of 55, with its lowest reading since May 2020 at 49.6, while job numbers came in higher than expected with 223K people added to its workforce; however, wages declined 4% YoY against expectations of 5%. This caused the USD to drop 1% below the 104000 mark but failed to provide any support for WTI as it continued trading near $73 per barrel levels at the close of business Friday night.
Adding further pressure on oil markets was news that Saudi Arabia had lowered its Asia customer pricing to its lowest level since November 2021 in response to global pressures hitting prices across the board. China’s reopening and the COVID-19 cases have been major contributors to this decline over the past few weeks.
Overall, investors remain cautious about prospects regarding crude oil amid uncertain market conditions worldwide and the looming possibility of further declines should macroeconomic indicators continue showing signs of weakness going forward.
WTI Key Technical Levels
| OVERVIEW | |
|---|---|
| Today last price | 73.87 |
| Today Daily Change | -0.01 |
| Today Daily Change % | -0.01 |
| Today daily open | 73.88 |
| TRENDS | |
|---|---|
| Daily SMA20 | 76.95 |
| Daily SMA50 | 80.22 |
| Daily SMA100 | 83.25 |
| Daily SMA200 | 93.14 |
| LEVELS | |
|---|---|
| Previous Daily High | 75.07 |
| Previous Daily Low | 72.64 |
| Previous Weekly High | 81.19 |
| Previous Weekly Low | 76.86 |
| Previous Monthly High | 83.3 |
| Previous Monthly Low | 70.27 |
| Daily Fibonacci 38.2% | 74.14 |
| Daily Fibonacci 61.8% | 73.57 |
| Daily Pivot Point S1 | 72.66 |
| Daily Pivot Point S2 | 71.44 |
| Daily Pivot Point S3 | 70.24 |
| Daily Pivot Point R1 | 75.08 |
| Daily Pivot Point R2 | 76.29 |
| Daily Pivot Point R3 | 77.51 |