WTI oil price managed to erase early losses and jumped to $109 per barrel during today's session, as G7 leaders vowed to stand with Ukraine "for as long as it takes'' and discussed a price cap mechanism on Russian oil and are looking for further ways to lower Kremlins ability to fund its war in Ukraine. Meanwhile, OPEC+ trimmed its estimate of oil surplus in 2022 to 1 mbpd from previous 1.4 mbpd. while indirect negotiations between the US and Iran are set to restart in the coming days, with the EU acting as a mediator. Elsewhere, EIA said that despite earlier announcements, it would not publish last week's data on US crude oil inventories due to ongoing hardware failures on two of main processing servers.
At the end of last week, the OIL.WTI price broke above the upper limit of the downward channel and then managed to break above the 100 SMA (red line). After the weekend, the upward movement continues, and the zone around $ 107 marked with previous local lows and highs acts as major support in the short term. If the current bullish sentiment prevails, an attack on the resistance zone at $ 111.20 is possible. Source: xStation5
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile appThis content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.